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LENDING & CREDIT | Staff Reporter, Singapore

OCBC prices its $145.5m capital securities at 3% pa

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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