OCBC Bank prices A$500m notes

09-Jul-2011 Intellasia | Reuters | 9:01 AM Print This Post

Oversea-Chinese Banking Corp, Singapore’s second-biggest lender, said on Thursday it has priced A$500 million ($534.8 million) of three-year notes in an offering targeted mainly at institutional and sophisticated investors in Australia and Asia.

The three-year senior unsecured notes will bear interest at the three-month bank bill swap reference rate plus 0.83 percent, payable quarterly in each year up to the maturity date on July 14, 2014.

“We are currently seeing good investor demand for fixed income securities in Australian dollars issued by highly rated issuers,” said OCBC chief financial officer Soon Tit Koon.

The notes will be issued under OCBC’s $5 billion programme for the issuance of debt instruments and the net proceeds will be used for general funding purposes, the bank said in a statement.

OCBC Bank, National Australia Bank Limited, The Royal Bank of Scotland and Westpac Banking Corporation are joint lead managers and bookrunners for the issue.



Category: Singapore

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