SINGAPORE - The Oversea-Chinese Banking Corporation (OCBC) announced that it has priced €500 million (S$754.06 million) of fixed rate covered bonds due in 2022.

The covered bonds, expected to be issued on Mar 21, 2017, will bear interest at a fixed rate of 0.25 per cent per annum, the company said in a release issued on Wednesday.

The proceeds from the issue wil be used for general corporate purposes, the company said.

An application for listing of the bond on Singapore Exchange Securities Trading Ltd will be made, and the bonds are expected to be listed on SGX-ST on Mar 22, 2017.

Guarantee as to payment of interest and principal will be secured by portfolio of assets purchased by Red Sail from OCBC bank and other assets of Red Sail, the release said.