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OCBC Bank priced $500m perpetual capital securities

It is under its US$30b global medium-term note program.

Under its US$30b ($41.2b) global medium-term note program, OCBC priced its perpetual capital securities first callable in 2027 at $500m.

The capital securities are intended to qualify as additional tier 1 capital of the OCBC bank under the mandate of the Monetary Authority of Singapore (MAS).

Consequently, net proceeds from the issuance of capital securities will be used for general corporate purposes of OCBC Bank.

It will be redeemed at the option of the bank on 8 June 2027, which is the first reset date, or any distribution payment date falling after the first reset date, upon the occurrence of a tax event, or if the capital securities would no longer qualify as eligible capital.

“The terms of the Capital Securities may also be varied, subject to MAS approval, so that the Capital Securities remain as Additional Tier 1 capital of the Bank,” read the company statement.

The capital securities will be granted to the holder to receive distributions semi-annually in arrear at a fixed rate of 3.90% per annum from the issue date to the first reset date.

$1 = US$ 0.73

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