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OCBC Prices EUR500 Million Bonds Due 2029

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Oversea-Chinese Banking Corp. or OCBC (SGX:O39) priced 500 million euros worth of 2.989% fixed rate covered bonds due in 2029, according to a Tuesday filing with the Singapore Exchange.

The bonds are drawn from the bank's $10 billion global covered bond program, with net proceeds to be used for general corporate purposes.

The bonds are expected to be rated Aaa by Moody's and AAA by Fitch Ratings.

Meanwhile, Red Sail will provide a guarantee for the payments of interest and principal.

The bonds are expected to be listed on May 19, the filing said.

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