Bond Factsheet
OCBCSP 4.602% 15Jun2032 Corp (USD)
Oversea-Chinese Banking Corporation Limited
Indicative
Full Lot
Bid Price 99.479
Change in Bid Price 0.082
Bid Yield (%) 5.369 %
Change in Bid Yield 0.119
Ask Price 99.542
Change in Ask Price 0.083
Ask Yield (%) 5.274 %
Change in Ask Yield 0.121
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
08 Jun 2022
Issue Date
15 Jun 2022
Maturity Date
15 Jun 2032
Years to Maturity / Next Call
5.700 / 0.694
Modified Duration
4.813 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
4.602
Coupon Type
Variable
Annual Coupon Rate
4.602
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 15 Jun 2027
Reset Rate: prevailing 5 year US Treasury + Initial Spread (1.575%)
(No step-up)
ISIN
XS2490811168
CUSIP
BX0660676
Bond Currency
USD
Total Issue Size
750,000,000
Min. Investment Quantity (Nominal)
USD 200,000
Incremental Quantity (Nominal)
USD 1,000
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)
***/ A/ N.R
Shariah Compliant
No
Exchange Listed
SGX
Loss Absorption
Loss absorption event:
Earlier of (i) the MAS notifying the Issuer in writing that it is of the opinion that a write down 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.
Write-down (Partial allowed):
- In respect of each Note, upon the occurrence of a Loss Absorption Event, the Issuer shall reduce the principal amount and cancel any accrued but unpaid interest by an amount as the Issuer, (in accordance with the MAS), determines or as the MAS may direct, which is required to be reduced and cancelled for the Issuer to cease to be non-viable
- Write-down of the Notes will only occur after Additional Tier 1 Capital Securities with loss absorption features are fully written off or converted to equity, and pro rata and proportionate basis with all other Tier 2 Capital Securities with loss absorption features
- Write-down is permanent and irrevocable
Singapore bail-in power:
Notwithstanding any other term of the Notes, or any other agreement or arrangement, the Notes may be subject to cancelation, 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 Notes) and each holder of a Note shall be subject, and shall be deemed to agree, to be bound by and acknowledge that they are each subject to, having the Notes being the subject of the exercise of the MAS’s powers under Division 4A of Part IVB of the MAS Act. Further, the Trustee (on behalf of the holders of Notes) and each holder of a Note shall be deemed to agree to be bound by a Bail-in Certificate.
The rights of the holders of Notes and the Trustee (on behalf of the holders of Notes) under the Notes 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.
Issuer Call
One-time issuer call option at par in year 5, subject to prior consent of the MAS.
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.
Early redemption:
Upon occurrence of Change of Qualification or Taxation Events, in each case subject to prior consent of the MAS.
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,
the relevant Perpetual Capital Securities (in whole or in part) would not qualify as Eligible Capital of the Issuer (a “Change of Qualification Event”), then the Issuer may, having given not less than 15 days’ prior written notice to the Securityholders in accordance with Condition 16 (which notice shall be irrevocable), redeem in accordance with these Conditions on any Distribution Payment Date (if this Perpetual Capital Security is at the relevant time a Floating Rate Perpetual Capital Security) or at any time (if this Perpetual Capital Security is at the relevant time not a Floating Rate Perpetual Capital Security) all, but not some only, of the relevant Perpetual Capital Securities, at their Early Redemption Amount or, if no Early Redemption Amount is specified in the applicable Pricing Supplement, at their nominal amount together with Distribution accrued but unpaid (if any) to (but excluding) the date fixed for redemption in accordance with these Conditions.
First call date: 15 Jun 2027
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