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OCBC to issue A$500m of senior floating-rate green notes due 2022

OCBC Bank has priced A$500 million (S$463 million) of senior floating-rate green notes due 2022 under its US$30 billion global medium term note programme.

The notes will be issued by OCBC Bank, acting through its Sydney branch, and are expected to be repo eligible by the Reserve Bank of Australia.

The notes will bear interest at the three-month Australian bank bill swap rate plus 63 basis points per annum, payable quarterly in arrear. They are expected to be rated Aa1 by Moody's, AA- by S&P Global Ratings, and AA- by Fitch Ratings.

The notes are expected to be issued on Dec 5, 2019 and listed on the Singapore Exchange on Dec 6, 2019. OCBC said net proceeds will go towards financing or refinancing new or existing qualifying assets and projects as described under the eligibility criteria in the OCBC Sustainability Bond Framework.

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Australia and New Zealand Banking Group Limited, BNP Paribas, Commonwealth Bank of Australia, OCBC Bank and Westpac Banking Corporation acted as joint lead managers and bookrunners for the issue.