It is part of the bank’s $30b Global Medium Term Note Program.
Oversea-Chinese Banking Corporation (OCBC) has prices its $145.5m (S$200m) perpetual securities first callable in 2030 at 3%, according to a bourse filing.
The capital securities are part of the bank’s $30b Global Medium Term Note Program.
The net proceeds from the issue will be used for the general corporate purposes of OCBC.
The capital securities may, subject to MAS approval, be redeemed at the option of the bank on 30 September 2030 or any distribution payment date falling after the first reset date; upon the occurrence of a tax event; or if the capital securities would no longer qualify as eligible capital.
The Capital Securities will confer a right on the holder to receive distributions semi-annually in arrear at a fixed rate of 3% per annum from the issue date to the first reset date.
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 ten years thereafter to a fixed rate per annum equal to the aggregate of the then-prevailing ten-year Swap Offer Rate and the initial spread of 2.19%.
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