Singapore's OCBC prices covered bonds to raise $1.36 billion

Oversea-Chinese Banking

20/08/2026 02:22

Aug 20 (Reuters) - Oversea-Chinese Banking Corp (OCBC) OCBC.SI, Singapore's second-largest bank, said on Thursday it had priced £1 billion ($1.36 billion) in covered bonds due 2029, with proceeds earmarked for general corporate purposes.

Here are more details:
The issuance is under OCBC's $10 billion Global Covered Bond Programme. In May, the company priced €500 million of fixed-rate covered bonds due 2029 under the same programme.
The bonds will bear interest at the compounded daily SONIA benchmark plus 0.48% per annum, payable quarterly in arrear, the company said, referring to a floating-rate structure tied to the Bank of England's overnight rate benchmark.
OCBC said the bonds were expected to be rated "Aaa" by Moody's and "AAA" by Fitch Ratings.
Joint managers for the issuance include Barclays, Lloyds Bank Corporate Markets, RBC Europe, HSBC Singapore, and Canada's TD Bank, the company said.
OCBC expects the bonds to be issued on August 26 and listed on the Singapore Exchange on August 27. 

($1 = 0.7352 pounds)

 (Reporting by Shruti Agarwal in Bengaluru; Editing by Subhranshu Sahu)
 ((Shruti.Agarwal@thomsonreuters.com;))