OCBC issues $1 billion short-dated notes

OCBC follows its Singapore competitors by raising unsubordinated funds in the US dollar market.

OCBC issues $1 billion short-dated notes

Close on the heels of its rival Singapore lenders, OCBC raised $1 billion of unsubordinated debt late on Tuesday. The sale of three-year notes was only the second time the bank has issued bonds in the US under the SEC’s Rule 144a.

The short-dated tenor was chosen to fit OCBC’s asset-liability management strategy although the market for five-year paper had become a little crowded following other primary issues by similar credits during the...

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