Bond Factsheet
OCBCSP 4.000% Perpetual Corp (SGD)
Oversea-Chinese Banking Corporation Limited
Indicative
Full Lot
Bid Price 100.056
Change in Bid Price 0.009
Bid Yield (%) -
Change in Bid Yield
-
Ask Price 100.097
Change in Ask Price 0.001
Ask Yield (%) -
Change in Ask Yield
-
Indicative price as of 24 Aug 2023, 12:00am
Bond Issuer
Oversea-Chinese Banking Corporation Limited
Guarantor
-
Announcement Date
16 Aug 2018
Issue Date
24 Aug 2018
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / -
Modified Duration
-
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
4.000
Coupon Type
Variable
Annual Coupon Rate
4.000
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Junior Subordinated
Reference Rate
Reset Date= Reset on 24 Aug 2023 and every 5 years thereafter
Reset Rate=5YR SGD SOR + Initial Spread (1.811%)
ISIN
SGXF81199428
CUSIP
AU0914062
Bond Currency
SGD
Total Issue Size
1,000,000,000
Min. Investment Quantity (Nominal)
SGD 250,000
Incremental Quantity (Nominal)
SGD 250,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ AA-
Bond Credit Rating (S&P/ Fitch)
***/ BBB+
Shariah Compliant
No
Exchange Listed
SGX
Loss Absorption
If a Trigger Event occurs, the Issuer shall, upon the issue of a Trigger Event Notice, irrevocably and without the need for the consent of the Trustee or the holders of any Subordinated Notes, procure that the Registrar shall reduce the principal amount and cancel any accrued but unpaid interest of each Subordinated Note (in whole or in part) by an amount equal to the Trigger Event Write-off Amount per Subordinated Note (a "Write-off", and "Written-off" shall be construed accordingly). Once any principal or interest under a Subordinated Note has been Written-off, it will be extinguished and will not be restored in any circumstances, including where the relevant Trigger Event ceases to continue. No Noteholder may exercise, claim or plead any right to any Trigger Event Write-off Amount, and each Noteholder shall be deemed to have waived all such rights to such Trigger Event Write-off Amount.
"Trigger Event" means the earlier of
(i) MAS notifying the Issuer in writing that it is of the opinion that a Write-off or conversion is necessary, without which the Issuer would become non-viable; and
(ii) a decision by MAS to make a public sector injection of capital, or equivalent support, without which the Issuer would have become non-viable, as determined by MAS
Deferral Interest Payment
If a Distribution is not paid in accordance with Condition 5(a), the Issuer is not under any obligation to pay that or any other Distributions that have not been paid. Such unpaid Distributions are non-cumulative and do not accrue interest. There is no limit on the number of times or the extent of the amount with respect to which the Issuer can elect not to pay Distributions pursuant to this Condition 5.
Distribution Stopper
If Distribution Stopper is specified as being applicable in the applicable Pricing Supplement and on any Distribution Payment Date, payment of Distributions scheduled to be made on such date is not made by reason of this Condition 5, the Issuer shall not:
(i) declare or pay any dividends or other distributions in respect of its Junior Obligations (or contribute any moneys to a sinking fund for the payment of any dividends or other distributions in respect of any such Junior Obligations);
(ii) declare or pay, or permit any subsidiary of the Issuer to declare or pay, any dividends or other distributions in respect of its Additional Tier I Capital Securities the terms of which provide that making payments of dividends or other distributions in respect thereof are fully at the discretion of the Issuer of the Issuer, as the case may be, (or contribute any moneys to a sinking fund for the payment of any dividends or other distributions in respect of any such Additional Tier I Capital Securities); and
(iii) redeem, reduce, cancel, buy-back or acquire any of its Additional Tier I Capital Securities or its Junior Obligations or permit any subsidiary of the Issuer to redeem, reduce, cancel, buy-back or acquire any of its Additional Tier I Capital Securities or its Junior Obligations (or contribute any moneys to a sinking fund for the redemption, capital reduction, buy-back or acquisition of any such Additional Tier I Capital Securities or Junior Obligations),
in each case, until (x) a redemption of all the outstanding Perpetual Capital Securities has occurred; (y) the next scheduled Distribution has been paid in full (or an amount equivalent to the next scheduled Distribution has been paid, or irrevocably set aside in a separately designated trust account for payment to the Securityholders); or (z) the Issuer is permitted to do so by an Extraordinary Resolution.
Issuer Call
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