OCBC sells second $1bn Tier 2 bond

The Singaporean bank sold another Basel III-compliant note in an effort to shore up more capital to replenish maturing old-style subordinated debt.

OCBC sells second $1bn Tier 2 bond

Oversea-Chinese Banking Corp priced a $1 billion 10-year Basel III Tier 2 subordinated note late on Thursday, illustrating the Singapore bank’s ongoing push to boost capital in order to replace maturing old-style subordinated debt.

The 144AReg-S registered note is the tightest bank capital instrument to be priced in Asia ex-Japan, buoyed by strong demand from institutional investors as well as a favourable interest rates environment, a source close to the transaction told FinanceAsia...

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