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OCBC Prices SG$750M 3.20% Perpetual Capital Securities Callable in 2031

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Oversea-Chinese Banking Corp. or OCBC (SGX:O39) priced SG$750 million in 3.20% perpetual capital securities, callable for the first time in 2031, under its $30 billion Global Medium Term Note Program.

The net proceeds from the issuance will be used for general corporate purposes. Oversea-Chinese Banking is the sole lead manager and bookrunner for the issuance.

The securities are expected to be rated Baa1 by Moody's, BBB- by S&P, and BBB+ by Fitch, with issuance scheduled for Aug. 19.

Shares of Oversea-Chinese Banking fell nearly 1% in recent trade.

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