OCBC разместила облигации на $750 млн с купоном 3,2% в рамках программы долговых бумаг

OCBC prices $750m perpetuals at 3.2% under $30b note programme The Additional Tier 1 securities are expected to be issued on 19 August. OCBC has priced $750m in perpetual capital securities carrying a distribution rate of 3.20% per year. The securities will be issued under the bank’s US$30b Global Medium Term Note Programme and are intended to qualify as Additional Tier 1 capital under Monetary Authority of Singapore requirements. OCBC will use the net proceeds for general corporate purposes. Holders will be entitled to receive distributions semi-annually in arrears at the fixed annual rate of 3.20% until 19 August 2031. Subject to MAS approval, OCBC may redeem the securities on that date, which is the first reset date, or on any subsequent distribution payment date. If the securities are not redeemed, the distribution rate will reset every five years to the prevailing five-year Singapore Overnight Rate Average overnight indexed swap rate plus an initial spread of 1.194%. OCBC may cancel distributions at its discretion, subject to the terms of the securities. Unpaid distributions will be non-cumulative and will not compound. As a Basel III capital instrument, the securities may be written off partially or fully if MAS determines that the bank has become non-viable. The securities are expected to be issued on 19 August and listed on the Singapore Exchange the following day. They are expected to receive ratings of Baa1 from Moody’s Investors Service, BBB- from S&P Global Ratings and BBB+ from Fitch Ratings. OCBC is the sole lead manager and bookrunner for the issuance.