OCBC launches $676.95m fixed rate subordinated notes

The notes will have a coupon of 5.52% annually.

OCBC priced $676.95m (US$500m) of fixed-rate subordinated notes under its $40.62b (US$30b) global medium-term note programme.

In a bourse filing, OCBC said the notes are priced at 100% and will bear a coupon of 5.52% per year from the issue date to the call date on 21 May 2029.

If not redeemed, the interest rate from the call date to maturity date on 21 May 2034 will be reset to a fixed annual rate equal to the aggregate of the then-prevailing 5-year U.S. Treasury Rate and 1.03%, the bank noted.

OCBC said proceeds from the notes will be used to finance general corporate purposes. The notes are expected to be listed on the SGX on 23 May 2024.

Citigroup Global Markets Singapore Pte. Ltd., J.P. Morgan Securities Asia Private Limited, Merrill Lynch (Singapore) Pte. Ltd., Standard Chartered Bank (Singapore) Limited, The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch, Wells Fargo Securities International Limited and OCBC acted as Joint Lead Managers and Joint Bookrunners for the issue.

ALSO READ: OCBC logs record net profit of S$1.98b in Q1; EPS is S$1.76

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

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