OCBC completes bank capital deal

The Singaporean bank has scored a hat trick in the subordinated debt markets at the cost of pricing each successive tranche wider than the last.

An Eu400 million $339 million offering, representing the final tranche of a triple currency funding, was priced last night Tuesday by lead manager UBS Warburg at 20bp wider than the preceding dollar tranche on a like-for-like basis. The completion of the deal brings total proceeds up to the $2.14 billion mark and makes OCBC's upper tier 2 deal the largest bank capital transaction ever from non-Japan Asia.

Booking proceeds ahead of possible new deals from either DBS or UOB leaves OCBC in the enviable position of having financed itself ahead of a potential glut of Singaporean bank capital transactions and cushioned its capital ratios against the impact of...

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