OCBC prices US$750M 10-year notes

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OCBC Bank has priced US$750 million of tier-two subordinated notes with a maturity date in 2032, the Singapore bank said in a filing to SGX Thursday.

The announcement confirms a Shenton Wire article.

The bonds were priced at 4.602 percent per annum from the issue date to the call date of 15 June 2027, when the rate will be reset to the then-prevailing five-year U.S. Treasury yield plus 1.575 percentage point, the filing said.

The net proceeds will be used for general corporate purposes, the filing said.

The notes, which will be issued under OCBC’s US$30 billion global medium-term note program, are expected to qualify as tier-2 capital under the Monetary Authority of Singapore (MAS)’s requirements, the filing said.

The joint lead managers and bookrunners for the issuances are Barclays Bank’s Singapore branch, Citigroup Global Markets Singapore, J.P. Morgan Securities Asia and OCBC Bank, the filing said.

The bonds are expected to be rated A2 by Moody’s Investors Services, BBB-plus by Standard & Poors and A by Fitch Ratings, OCBC said.