Singapore OCBC's proposed 10-year tier-2 notes rated 'A' - S&P |
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Fri, 16 Nov 2007 11:26
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SINGAPORE (Thomson Financial) - Standard & Poor's said Friday it has placed an 'A' rating on the proposed Singapore-dollar denominated notes of Oversea-Chinese Banking Corp due 2017.OCBC, the smallest of the three Singapore banks, plans to issue an unspecified amount of tier-2 subordinated notes to diversify its capital mix. The notes will have a 10-year maturity, with a call option after five years.OCBC's notes will bear a fixed rate equivalent to the five-year Singapore dollar swap offered rate plus a credit spread. Subsequently, a floating rate equivalent to the three-month Singapore dollar swap offered rate plus the initial spread and an additional 1 percent will apply.The proposed notes will rank senior to OCBC Bank's existing 3.8 billion dollar equivalent subordinated notes due on 2011, which was given an 'A-' rating and also qualified for upper tier-2 capital, said S&P.(1 US dollar = 1.44 Singapore dollars)TFN.Singapore@thomson.comjb/jgCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Singapore's OCBC to issue 10-year tier 2 subordinated notes 