Bond Factsheet
OCBCSP 5.520% 21May2034 Corp (USD)
Oversea-Chinese Banking Corporation Limited
Indicative
Full Lot
Bid Price 100.061
Change in Bid Price 0.011
Bid Yield (%) 5.492 %
Change in Bid Yield 0.005
Ask Price 100.208
Change in Ask Price 0.014
Ask Yield (%) 5.431 %
Change in Ask Yield 0.006
Indicative price as of 05 Oct 2026, 4:00pm
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
13 May 2024
Issue Date
21 May 2024
Maturity Date
21 May 2034
Years to Maturity / Next Call
7.628 / 2.625
Modified Duration
6.006 @ 05 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.520
Coupon Type
Variable
Annual Coupon Rate
5.520
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 21 May 2029
Reset Rate: prevailing 5 Years US Treasury Rate+ Initial Spread (1.030%)
ISIN
XS2823260604
CUSIP
YX0663683
Bond Currency
USD
Total Issue Size
500,000,000
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
Singapore bail-in power
Notwithstanding any other term of the Subordinated Notes, including without limitation Condition 6(b), or any other agreement or arrangement, the Subordinated Notes 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 Financial Services and Markets Act 2022 of Singapore (the “FSM Act”) without prior notice. The Trustee (on behalf of the holders of Subordinated Notes) and each holder of a Subordinated Note shall be subject, and shall be deemed to agree, to be bound by and acknowledge that they are each subject to, having the Subordinated Notes being the subject of the exercise of the MAS’s powers under Division 6 of Part 8 of the FSM Act. Further, the Trustee (on behalf of the holders of Subordinated Notes) and each holder of a Subordinated Note shall be deemed to agree to be bound by a Bail-in Certificate.
The rights of the holders of Subordinated Notes and the Trustee (on behalf of the holders of Subordinated Notes) under the Subordinated 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 6 of Part 8 of the FSM Act.
Loss Absorption upon a Trigger Event and Bail-in Power in respect of Subordinated Notes
(a) The applicable Pricing Supplement will specify whether “Write-off” or “Conversion” applies as the relevant Loss Absorption Option upon the occurrence of a Trigger Event in relation to the Subordinated Notes to which it relates. If “Write-off” is specified, the provisions of Conditions 6(b) and (c) shall apply. If “Conversion” is specified,
(b) Write-off on a Trigger Event:
(i) If “Write-off” is specified as the Loss Absorption Option in the applicable Pricing Supplement for any Subordinated Notes and 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. For the avoidance of doubt, any Write-off in accordance with this Condition 6 shall not constitute a Default (as defined below).
(ii) If a Trigger Event Notice has been given in respect of any Subordinated Notes in accordance with this Condition 6(b), transfers of any such Subordinated Notes that are the subject of such notice shall not be permitted during the Suspension Period. From the date on which a Trigger Event Notice in respect of any Subordinated Notes in accordance with this Condition 6(b) is issued by the Issuer to the end of the Suspension Period, the Trustee and the Registrar shall not register any attempted transfer of any Subordinated Notes and such an attempted transfer will not be effective.
(iii) Any reference in these Conditions to principal in respect of the Subordinated Notes shall refer to the principal amount of the Subordinated Note(s), reduced by any applicable Write-off(s).
Issuer Call
All Subordinated Notes in respect of which any such notice is given shall be redeemed on the date specified in such notice in accordance with this Condition 5(d)(ii).
The Maturity Date of the Subordinated Notes will not be less than five years from the Issue Date. Any redemption of the Subordinated Notes by the Issuer pursuant to this Condition 5(d)(ii) is subject to the Issuer obtaining the prior approval of MAS.
Optional Redemption Date(s): The First Call Date only, subject to regulatory approval (paragraph (ii) of Condition 5(d)(ii) shall not apply to the Notes)
First call date: 21 May 2029
Additional Note
Subject to Condition 5(m), 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 Subordinated Notes as Tier 2 Capital Securities; or
(ii) the inclusion of any Subordinated Notes 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 Subordinated Notes (in whole or in part) would not qualify as Eligible Capital of the Issuer (excluding, for the avoidance of doubt, non-qualification solely by virtue of the Issuer already having, or coming to have, an issue of securities with an aggregate principal amount up to or in excess of the limit of Tier 2 Capital Securities permitted pursuant to the relevant legislation and statutory guidelines in force as at the Issue Date) (a “Change of Qualification Event”), then the Issuer may, having given not less than 15 days’ prior written notice to the Noteholders in accordance with Condition 16 (which notice shall be irrevocable), redeem in accordance with these Conditions on any Interest Payment Date (if this Subordinated Note is at the relevant time a Floating Rate Note) or at any time (if this Subordinated Note is at the relevant time not a Floating Rate Note) all, but not some only, of the relevant Subordinated Notes, at their Early Redemption Amount or, if no Early Redemption Amount is specified in the applicable Pricing Supplement, at their nominal amount together with interest accrued but unpaid (if any) to (but excluding) the date fixed for redemption in accordance with these Conditions.
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