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OCBC Prices 1 Billion-Pound Floating-Rate Covered Bonds Due 2029

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Oversea-Chinese Banking Corp. (SGX:O39) has priced its 1 billion pound floating-rate covered bonds due 2029, according to a Thursday filing with the Singapore Exchange.

The covered bonds will bear interest at the compounded daily Sterling Overnight Index Average (SONIA) rate, plus 0.48% per annum payable quarterly in arrears.

The bonds will be issued under the lender's $10 billion global covered bond program, and the net proceeds will be used for general corporate purposes, the statement said.

The bonds are scheduled to be issued on Aug. 26 and listed on the Singapore Exchange on Aug. 27.

The bank's shares were down 1% in recent trade.

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