Singapore's OCBC prices covered bonds at 2.989%, raises $589 million

Oversea-Chinese Banking

12/05/2026 01:04

May 12 (Reuters) - Oversea-Chinese Banking Corporation (OCBC) OCBC.SI has priced 500 million euros ($588.95 million) of fixed-rate covered bonds due 2029 under its $10 billion global covered bond programme, the bank said on Tuesday.

Here are the details:

The covered bonds will bear interest at a fixed rate of 2.989% per annum, payable annually in arrears.

Net proceeds from the issue will be used for OCBC's general corporate purposes, the firm said.

The covered bonds are expected to be issued on May 18.

Singapore's OCBC also said an application has been made to list the bonds on the Singapore Exchange, with listing expected on May 19.

Earlier in February, the bank had priced $500 million of Tier 2 fixed-rate subordinated notes under its $30 billion global medium-term note programme at 4.517%.

   ($1 = 0.8490 euros)

 (Reporting by Rajasik Mukherjee; Editing by Sherry Jacob-Phillips)

 ((Rajasik.Mukherjee@thomsonreuters.com;))