OCBC US$750m Tier 2 notes priced at 4.602%

Proceeds will be used for general corporate purposes.

Oversea-Chinese Banking Corporation Limited has priced US$750m ($1.03b) of fixed-rate subordinated notes that the bank expects to qualify as Tier 2 capital.

The notes are priced at 100% and will bear a coupon of 4.602% per annum from the issue date to the call date on 15 June 2027. The bank said if the notes are not redeemed, the interest rate from the call date to the maturity date on 15 June 2032 will be reset to a fixed rate per annum equal to the aggregate of the then-prevailing 5-year U.S. Treasury Rate and 1.575%.

OCBC expects the notes to be rated A2 by Moody’s Investors Service, BBB+ by Standard & Poors, and A by Fitch Ratings Ltd.

Barclays Bank PLC, Singapore Branch, Citigroup Global Markets Singapore Pte. Ltd., J.P. Morgan Securities Asia Private Limited, and OCBC Bank acted as Joint Lead Managers and Joint Bookrunners for this issue.

Follow the link for more news on

OCBC Bank

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia