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OCBC Bank has priced the issue of S$500 million non-cumulative non-convertible perpetual capital securities at 100 per cent with a distribution at a fixed rate of 3.80 per cent per annum to holders of the instrument.
The capital securities, net proceeds of which will be used for general corporate purposes, are intended to qualify as the bank's additional Tier 1 capital under the Monetary Authority of Singapore's Basel III framework.
OCBC Bank is the sole bookrunner for the issue while Citigroup Global Markets Singapore and JP Morgan (SEA) are joint lead managers, said the bank in a statement .
The instrument to be issued on Aug 25 is expected to be rated A3 by Moody's Investors Service, BBB- by Standard & Poor's Rating Services and BBB by Fitch Ratings.