Oversea-Chinese Banking Corporation (SG:O39) has released an update.
Oversea-Chinese Banking Corporation Limited (OCBC) has successfully priced US$500 million in fixed rate subordinated notes set to support general corporate activities and strengthen its Tier 2 capital, in compliance with the Monetary Authority of Singapore’s regulations. The notes, part of a US$30 billion program, carry a 5.52% coupon until May 2029, after which the rate may reset, and are slated for a potential listing on the Singapore Exchange Securities Trading Limited (SGX-ST) in May 2024. Ratings agencies Moody’s, S&P, and Fitch have assigned the notes ratings of A2, BBB+, and A respectively, indicating a stable investment grade status.
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