By Rebecca Melvin
New York, Sept. 28 – Singapore’s Oversea-Chinese Banking Corp. Ltd. priced €500 million of 0.25% five-year bonds (expected ratings: Aaa//AAA) at 99.97 to yield 0.256% on Thursday, according to a market source.
Pricing came flat to mid-swaps, which was at the tight end of talk in the mid-swaps plus 5 basis points area.
The registered and Regulation S are covered bonds are guaranteed by Red Sail Pte. Ltd. and backed by Singapore dollar-denominated residential mortgage loans.
Barclays, BNP Paribas, Credit Agricole CIB, DZ Bank, JPMorgan and OCBC Bank are joint lead managers of the deal that has been sold as part of the company’s $10 billion global covered bond program. Barclays billed and delivered.
The bonds will be listed on the Singapore Stock Exchange.
The issuer is a financial group based in Singapore.
| Issuer: | Oversea-Chinese Banking Corp. Ltd.
|
| Guarantor: | Red Sail Pte. Ltd.
|
| Issue: | Covered bonds
|
| Amount: | €500 million
|
| Maturity: | Oct. 5, 2022
|
| Bookrunners: | Barclays (bill and deliver), BNP Paribas, Credit Agricole CIB, DZ Bank, JPMorgan and OCBC Bank
|
| Coupon: | 0.25%
|
| Price: | 99.97
|
| Yield: | 0.256%
|
| Spread: | Flat to mid-swaps
|
| Pricing date: | Sept. 28
|
| Settlement date: | Oct. 5
|
| Expected ratings: Moody’s: Aaa
|
| Fitch: AAA
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 5 bps area
|
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