Thu, Sep 03, 2020 – 8:31 AM
OCBC Bank has priced its US$1 billion subordinated callable notes due 2030, to be issued at par on Sept 10. They are expected to qualify as Tier 2 capital of the bank.
The notes will bear a coupon of 1.832 per cent per annum until the call date of Sept 10, 2025, OCBC said on Thursday.
If the notes are not redeemed, the interest rate from the call date to the maturity date on Sept 10, 2030 will be reset to a fixed rate per annum equal to the then-prevailing five-year US Treasury Rate plus 1.58 per cent.
Net proceeds from the issue of the notes will be used for general corporate purposes, the lender said.
The notes are expected to be rated A2 by Moody's Investors Service, BBB+ by Standard & Poors and A by Fitch Ratings.
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OCBC will issue the notes under its US$30 billion global medium term note proRead More – Source