Bond Factsheet
Marketplace
OCBCSP 3.200% Perpetual Corp (SGD)
Oversea-Chinese Banking Corporation Limited
Full Lot
Bid Price 99.000
Change in Bid Price 0.800
Bid Yield (%) 3.405 %
Change in Bid Yield 0.165
Bid Volume 250,000
Ask Price 99.500
Change in Ask Price 0.300
Ask Yield (%) 3.302 %
Change in Ask Yield 0.062
Ask Volume 250,000
Price as of 01 Oct 2026, 4:36pm
Odd Lot
Bid Price 99.000
Change in Bid Price 0.550
Bid Yield (%) 3.405 %
Change in Bid Yield 0.114
Bid Volume 100,000
Ask Price 99.550
Change in Ask Price
-
Ask Yield (%) 3.292 %
Change in Ask Yield 0.001
Ask Volume 100,000
Price as of 01 Oct 2026, 4:36pm
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
12 Aug 2026
Issue Date
19 Aug 2026
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 4.884
Modified Duration
4.464 @ 30 Sep 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
3.200
Coupon Type
Variable
Annual Coupon Rate
3.200
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 19 August 2031 and every 5 years thereafter
Reset Rate: Prevailing 5-year SORA-OIS Rate + Initial spread (1.194%)
ISIN
SGXF89367076
CUSIP
DO4409102
Bond Currency
SGD
Total Issue Size
750,000,000
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
Trigger Event: Earlier of (i) the 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 the MAS to make a public sector injection of capital or equivalent support, without which the Issuer would have become non-viable, as determined by the MAS
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- 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.
Singapore Bail-in Power:
Notwithstanding any other term of the Perpetual Capital Securities, including without limitation Condition 7(b), 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 6 of Part 8 of the FSM 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 6 of Part 8 of the FSM 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 6 of Part 8 of the FSM Act
Variation:
Subject to Condition 6(j), where this Condition 6(f) is specified as being applicable in the applicable Pricing Supplement, the Issuer may at any time, without any requirement for the consent or approval of the Securityholders and having given not less than 15 days’ notice to the Securityholders in accordance with Condition 16 (which notice shall be irrevocable), vary the terms of those Perpetual Capital Securities, where such variation does not result in terms that are materially less favourable to the Securityholders and so that they remain or, as appropriate, become Qualifying Securities and provided further that:
(i) such variation does not itself give rise to any right of the Issuer to redeem the varied securities that is inconsistent with the redemption provisions of those Perpetual Capital Securities;
(ii) neither a Tax Event nor a Capital Event arises as a result of such variation; and (iii) the Issuer is in compliance with the rules of any stock exchange on which the Perpetual Capital Securities are for the time being listed or admitted to trading. Applicable; any variation (to the extent that any such variation would impact the eligibility of any Perpetual Capital Securities as Additional Tier I Capital Securities) is subject to the approval of the MAS
Deferral Interest Payment
(a) Distribution Cancellation
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 Cancellation 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.
(e) 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 1 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 or subsidiary 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 1 Capital Securities); and
(iii) redeem, reduce, cancel, buy-back or acquire any of its Additional Tier 1 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 1 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 1 Capital Securities or Junior Obligations),
in each case, until (w) a redemption of all the outstanding Perpetual Capital Securities has occurred; (x) the outstanding Perpetual Capital Securities has been Written-off in its entirety; (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
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.
All Perpetual Capital Securities in respect of which any such notice is given shall be redeemed on the date specified in such notice in accordance with this Condition 6(d).
Any redemption of the Perpetual Capital Securities by the Issuer pursuant to this Condition 6(d) is subject to the Issuer obtaining the prior approval of MAS. First Call Date: 19 August 2031
Additional Note
Subject to Condition 6(j), if as a result of a change or amendment to the relevant requirements issued by MAS, or any change in, or amendment to, the application of official or generally accepted and published interpretation of such relevant requirements issued by MAS or any relevant supervisory authority having jurisdiction over the Issuer, including a ruling or notice issued by MAS or any such relevant supervisory authority, or any interpretation or pronouncement by MAS or any such relevant supervisory authority that provides for a position with respect to such requirements issued by MAS that differs from the previously published official or such generally accepted and published interpretation in relation to similar transactions or which differs from any specific written statements made by MAS or any relevant supervisory authority having jurisdiction over the Issuer in relation to:
(i) the qualification of the Perpetual Capital Securities as Additional Tier 1 Capital Securities; or
(ii) the inclusion of the Perpetual Capital Securities in the calculation of the capital adequacy ratio,
in each case, of the Issuer (either on a consolidated or unconsolidated basis) (“Eligible Capital”), which change or amendment:
(x) becomes, or would become, effective on or after the Issue Date; or
(y) in the case of a change or amendment to the relevant requirements issued by MAS or any relevant authority, if such change or amendment is expected to be issued by MAS or any relevant supervisory authority on or after the Issue Date,
Early Redemption: Upon occurrence of Change of Qualification Event or for taxation reasons, subject to regulatory approval A “Capital Event” will be deemed to have occurred if any Perpetual Capital Securities are not, or cease to be, eligible in their entirety to be treated as Additional Tier 1 Capital Securities of the Issuer
“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;
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