Oversea-Chinese Banking Corporation Limited has priced A$200 million (S$200.55 million) of senior floating rate notes due 2023 under its US$30 billion (S$40.72 million) Global Medium Term Note Program.

The notes will be issued by OCBC Bank, acting through its Sydney Branch, and are expected to be Repo Eligible by the Reserve Bank of Australia, said OCBC Bank in a press release on September 1. 

The net proceeds from the issue of the notes will be used for the general corporate purposes of OCBC Bank.

The notes will be issued at an issue price of 100.0% and bear interest at the 3-month Bank Bill Swap reference rate plus 0.48% per annum, payable quarterly in arrears. 

The notes are expected to be rated AA- by S&P Global Ratings, and are expected to be issued on September 4. Westpac Banking Corporation acted as Sole Lead Manager and Bookrunner for this issue.

Last month, the Monetary Authority of Singapore (MAS) auctioned $500 million of six-month floating-rate notes with a spread over compounded Singapore Overnight Rate Average, or SORA, on Tuesday. It received $2.1 billion of applications. 

See: MAS makes further moves to adopt SORA with floating-rate note sale, leads on Libor replacement in Asia

Singapore is adopting SORA as it moves away from the SGD Swap offer rate, which uses the London interbank offered rate in computation.

In Singapore, a few debt securities have already been issued off SORA, the alternative benchmark, including ones from developer CapitaLand Ltd. and the country’s biggest lender DBS Group Holdings Ltd.