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OCBC has priced 500 million euros (S$732.8 million) of fixed-rate covered bonds due 2027 under its US$10 billion global covered bond programme.
The net proceeds will be used for general corporate purposes, said the bank on Wednesday (Jun 5).
The covered bonds, expected to be listed on the Singapore Exchange on Jun 12, will bear a fixed interest of 3.29 per cent per annum, payable annually in arrears.
The lender noted that the bonds are expected to be rated “Aaa” by Moody’s Investors Services and “AAA” by Fitch Ratings.
The bonds will also be guaranteed as to payments of interest and principal by Red Sail. The guarantee will be secured by a portfolio of assets purchased by the guarantor from OCBC.
Shares of OCBC : O39 0%closed on Tuesday down 1.1 per cent or S$0.16 at S$14.39.
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