By Rebecca Melvin
New York, Feb. 22 – Oversea-Chinese Banking Corp. Ltd. priced €500 million of 3/8% five-year notes (expected ratings: Aaa//AAA) on Thursday at 99.566 for a yield of 0.463%, or mid-swaps minus 2 basis points, according to a market source.
Pricing of the Regulation S deal came at the low end of guidance for yield in the mid-swaps minus 1 bp area, plus or minus 1 bp, which was revised from initial guidance in the mid-swaps plus 1 bp area.
The covered bonds, backed by Singaporean dollar-denominated residential mortgage loans, are guaranteed by Red Sale Pte. Ltd.
Barclays (billing and delivery), BNP Paribas, Nord/LB, OCBC Bank and UniCredit were joint lead managers of the deal, which had an order book for €800 million.
The financial group is based in Singapore.
Issuer: | Oversea-Chinese Banking Corp. Ltd.
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Guarantor: | Red Sale Pte. Ltd.
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Issue: | Covered bonds
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Amount: | €500 million
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Maturity: | March 1, 2023
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Bookrunners: | Barclays (bill and deliver), BNP Paribas, Nord/LB, OCBC Bank and UniCredit
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Coupon: | 3/8%
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Price: | 99.566
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Yield: | 0.463%
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Spread: | Mid-swaps minus 2 bps
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Pricing date: | Feb. 22
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Settlement date: | March 1
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Ratings: | Moody’s: Aaa
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| Fitch: AAA
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Distribution: | Regulation S
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Price talk: | Mid-swaps minus 1 bp area, revised from mid-swaps plus 1 bp area
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