OCBC prices $450m capital securities at 4.05% first callable in 2029
The net proceeds will be used for OCBC’s general corporate purposes.
Oversea-Chinese Banking Corporation (OCBC) has priced $450m perpetual capital securities first callable in 2029 at 4.05% under its US$30b (approx. $40b) Global Medium Term Note Program.
Net proceeds of the capital securities will be used for the general corporate purposes of OCBC.
The securities may be redeemed by the bank on the first reset date or any distribution payment date after, subject to MAS approval.
It may also be redeemed during a tax event or if the capital securities would no longer qualify as eligible capital.
If the capital securities are not redeemed on the First Reset Date, the distribution rate will be reset on the first reset date and every five years thereafter to a fixed rate per annum equal to the aggregate of the 5-year SORA-OIS and the initial spread of 1.3165%.
OCBC is the sole lead manager and bookrunner for this issue.
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