OCBC to issue $500mln subordinated notes

The notes rated Aa2 by Moody's are to be issued to Asian and European-based investors.

Oversea-Chinese Banking Corp, Singapore's No 2 lender, said on Tuesday it will issue $500 million worth of subordinated notes that qualify as lower Tier-2 capital as part of its ongoing capital management.

The notes, rated Aa2 by Moody's, will be issued to Asian and European-based investors. They were priced at 99.367, a slight discount to par, and will pay an annual interest of 3.75 percent.

The notes are callable on Nov 15, 2017.

JPMorgan, Morgan Stanley, OCBC Bank and Royal Bank of Scotland were joint lead managers and joint bookrunners for the issue.

View the full story in Reuters.