Oversea-Chinese Banking guides €500 million five-year bonds to yield mid-swaps plus 5 bps area

By Rebecca Melvin

New York, Sept. 28 – Singapore’s Oversea-Chinese Banking Corp. plans to price €500 million of five-year bonds (expected ratings: Aaa/AA-/AAA) in the mid-swaps plus 5 basis points area on Thursday, according to a market source.

The registered and Regulation S covered bonds are guaranteed by Red Sail Ptd. 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, which is being completed as part of the company’s $10 billion global covered bond program.

The bonds will be listed on the Singapore Stock Exchange.

The issuer is a financial group based in Singapore.

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