Bond Factsheet
OCBCSP 4.050% Perpetual Corp (SGD)
Oversea-Chinese Banking Corporation Limited
Indicative
Full Lot
Bid Price 101.938
Change in Bid Price
-
Bid Yield (%) 3.371 %
Change in Bid Yield
-
Ask Price 102.438
Change in Ask Price
-
Ask Yield (%) 3.198 %
Change in Ask Yield 0.001
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Oversea-Chinese Banking Corporation Limited
Guarantor
-
Announcement Date
09 Jan 2024
Issue Date
16 Jan 2024
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 3.032
Modified Duration
2.783 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
4.050
Coupon Type
Variable
Annual Coupon Rate
4.050
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 16 Oct 2029 and every 5 years thereafter
Reset Rate: 5Y SORA rate + Initial Spread (1.3165%)
ISIN
SGXF30008100
CUSIP
ZF2317153
Bond Currency
SGD
Total Issue Size
450,000,000
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/ MARC)
***/ AA-/ AAA
Bond Credit Rating (S&P/ Fitch/ MARC)
***/ BBB+/ N.R
Shariah Compliant
No
Exchange Listed
SGX
Loss Absorption
Singapore Bail-In Power:
Notwithstanding any other term of the Perpetual Capital Securities, or any other agreement or arrangement, the Perpetual Capital Securities may be subject to cancellation, modification, conversion, change in form, or have the effect as if a right of modification, conversion, or change of form had been exercised by the MAS in the exercise of the MAS’s powers under Division 4A of Part IVB of the MAS Act without prior notice. The Trustee (on behalf of the holders of the Perpetual Capital Securities) and each holder of a Perpetual Capital Security shall be subject, and shall be deemed to agree, to be bound by and acknowledge that they are each subject to having the Perpetual Capital Security being the subject of the exercise of the MAS’s powers under Divisions 4A of Part IVB of the MAS Act. Further, the Trustee (on behalf of the holders of the Perpetual Capital Securities) and each holder of a Perpetual Capital Security shall be deemed to agree to be bound by a Bail-in Certificate. The rights of the holders of Perpetual Capital Securities and the Trustee (on behalf of the holders of the Perpetual Capital Securities) under the Perpetual Capital Securities and these Conditions are subject to, and will be amended and varied (if necessary), solely to give effect to, the exercise of the MAS’s powers under Division 4A of Part IVB of the MAS Act.
Write-Off (Partial allowed):
Upon occurrence of a Trigger Event, cancellation of the accrued distributions and/or, permanent write-off (partial or in full) of the prevailing principal amount by an amount equal to the Trigger Event Write-off Amount- Trigger Event Write-off Amount as the MAS may direct, or as the Issuer (in accordance with the MAS) determines is required to be Written-off for the Trigger Event to cease to continue- Write-off pro rata with other Additional Tier 1 instruments that are capable of being converted or written-down under any applicable laws and/or their terms of issue.
Multiple Trigger Events and Write-offs in part:
(i) Where only part of the principal and/or Distribution of Additional Tier 1 Capital Securities is to be Written-off, the Issuer shall use reasonable endeavors to conduct any Write-off such that:
(A) holders of any Series of Perpetual Capital Securities are treated ratably and equally; and
(B) the Write-off of any Perpetual Capital Securities is conducted on a pro rata and proportionate basis with all other Additional Tier 1 Capital Securities of the Issuer, to the extent that such Additional Tier 1 Capital Securities are capable of being written-off or converted under any applicable laws and/or their terms of issue analogous to these Conditions.
Any loss absorption action to be taken in respect of any Common Equity Tier 1 Capital shall not be required before a Write-off or conversion (if applicable) of any Perpetual Capital Securities can be effected in accordance with these Conditions.
(ii) Any Series of Perpetual Capital Securities may be subject to one or more Write-offs in part (as the case may be), except where such Series of Perpetual Capital Securities has been Written-off in its entirety.
“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
(a) Distribution Cancelation: The Issuer may, at its sole discretion, elect to cancel any Distribution which is otherwise scheduled to be paid on a Distribution Payment Date by giving notice (such notice which shall be conclusive and binding on the Securityholders, a “Distribution Cancelation Notice”) of such election to the Securityholders in accordance with Condition 16, the Trustee and the Agents at least 10 Business Days prior to the relevant Distribution Payment Date. The Issuer shall have no obligation to pay any Distribution on any Distribution Payment Date if it validly elects not to do so in accordance with this Condition 5(a) and any failure to pay such Distribution shall not constitute a Default (as described in Condition 11).
(b) Non-cumulative Distribution: 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.
(c) No obligation to pay: Notwithstanding that a Distribution Cancelation Notice has not been given, the Issuer will not be obliged to pay, and will not pay, any Distribution on the relevant Distribution Payment Date (and such Distribution will not be considered to be due or payable) if:
(i) the Issuer is prevented by applicable Singapore banking regulations or other requirements of the MAS from making payment in full of dividends or other distributions when due on its Additional Tier 1 Capital Securities;
(ii) the Issuer is unable to make such payment of dividends or other distributions on its Additional Tier 1 Capital Securities without causing a breach of the MAS’s consolidated or unconsolidated capital adequacy requirements set out in MAS Notice 637; or
(iii) the aggregate of the amount of the Distribution (if paid in full), together with the sum of any other dividends and other distributions originally scheduled to be paid (whether or not paid in whole or in part) during the Issuer’s then-current fiscal year on the Perpetual Capital Securities or its Additional Tier 1 Capital Securities, would exceed the Distributable Reserves as of the Distributable Reserves Determination Date.
The Issuer shall have no obligation to pay any Distribution on any Distribution Payment Date if such non-payment is in accordance with this Condition 5(c) and any failure to pay such Distribution shall not constitute a Default.
Issuer Call
Subject to Condition 6(j), and unless otherwise specified in the Pricing Supplement, if Call Option is specified in the applicable Pricing Supplement as applicable, the Issuer may, on giving not less than 15 days’ irrevocable notice to the Securityholders, elect to redeem all, but not some only, of the Perpetual Capital Securities on (i) the relevant First Call Date specified in the applicable Pricing Supplement (which shall not be less than 5 years from the Issue Date); and (ii) any Distribution Payment Date following such First Call Date at their Optional Redemption Amount specified in the applicable Pricing Supplement or, if no Optional Redemption Amount is specified in the applicable Pricing Supplement, at their nominal amount together with Distributions accrued but unpaid (if any) to (but excluding) the date fixed for redemption in accordance with these Conditions.
At First Reset Date in year 5.75 and any Distribution Payment Date thereafter, subject to regulatory approval.
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