SINGAPORE - OCBC Bank is issuing 500 million euros (S$813.2 million) of five-year covered bonds at a fixed coupon of 0.375 per cent under an existing programme.
The bonds will be issued on March 1, 2018, under the bank's US$10 billion global covered bond programme, and they will mature in 2023.
The bonds will be secured by a portfolio of assets. Moody's Investors Services is expected to rate the paper "Aaa", while Fitch Ratings is expected to assign a "AAA" rating.
Net proceeds will be used for general corporate purposes.
Barclays Bank, BNP Paribas, Norddeutsche Landesbank, OCBC and UniCredit Bank are the joint lead managers.