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OCBC prices US$750 mil of tier 2 subordinated notes with 4.602% p.a. coupon

Felicia Tan
Felicia Tan6/9/2022 08:18 AM GMT+08  • 2 min read
OCBC prices US$750 mil of tier 2 subordinated notes with 4.602% p.a. coupon
The notes are expected to be rated A2 by Moody’s, BBB+ by Standard & Poors and A by Fitch Ratings and issued on June 15. Photo: Bloomberg
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Oversea-Chinese Banking Corporation (OCBC) has priced US$750 million ($1.03 billion) worth of fixed rate subordinated notes, which are to be drawn down under its US$30 billion global medium term note programme.

The USD-denominated notes are expected to qualify as the bank’s Tier 2 capital under the Monetary Authority of Singapore’s (MAS) requirements.

The notes are priced at 100% and will carry a coupon of 4.602% per annum (p.a.) from the issue date to the call date on June 15, 2027.

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