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Bond Market News
OCBC Prices S$ AT1 at 3.2%
August 13, 2026
OCBC raised S$750mn via a PerpNC5 AT1 at a yield of 3.2%, 30bp inside the initial guidance of 3.5% area. The junior subordinated note is rated Aa1/AA-/AA-. If not called by 19 August 2031, the coupon will reset to the 5Y SGD OIS plus 119.4bp. The note does not have a coupon step-up. The note has a non-viability trigger event at the regulator’s (MAS) discretion. Above is a table comparing OCBC’s latest issuance with its peers.
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