Oversea-Chinese Banking Corporation Limited (O39) has priced US$500 million of fixed-rate subordinated notes under its US$30 billion Global Medium Term Note Programme, with the proceeds earmarked for general corporate purposes.

The notes are priced at 100% of face value and carry a coupon of 4.517% per annum from the issue date to the first call date on Mar, 4 2031. If not redeemed, the interest rate will reset to the five-year U.S. Treasury rate plus 0.90% until maturity on Mar, 4 2036. The securities are intended to qualify as Tier 2 capital under Monetary Authority of Singapore rules and are subject to potential write-off or other regulatory actions if the bank is deemed non-viable.

Citigroup Global Markets Singapore, ING Bank N.V. Singapore Branch, J.P. Morgan Securities Asia, OCBC, The Toronto-Dominion Bank and Wells Fargo Securities International acted as joint lead managers and bookrunners.

The notes are expected to be rated A2 by Moody’s, BBB+ by S&P and A by Fitch. Issuance is scheduled for Mar, 4 2026, with listing on the Singapore Exchange targeted for Mar, 5 2026.

The announcement was released on Feb, 26 2026.