Oversea-Chinese Banking Corporation Limited (OCBC : O39) has priced 750 million Singapore dollars of 3.20 percent perpetual capital securities, first callable on Aug, 19 2031, under its 30 billion-US-dollar Global Medium Term Note Program.

The Additional Tier 1 instruments will be issued on Aug, 19 2026, with net proceeds earmarked for the bank’s general corporate purposes. Subject to Monetary Authority of Singapore (MAS) approval, OCBC may redeem the securities on or after the first call date, upon certain tax events, or if the notes cease to qualify as eligible capital.

Holders will receive semi-annual distributions at 3.20 percent per annum until the first reset date. Thereafter, the coupon will reset every five years to the prevailing five-year SORA-OIS plus an initial spread of 1.194 percentage points. Distributions are discretionary, non-cumulative and may be cancelled.

As a Basel III–compliant instrument, the securities may be written off in whole or in part if MAS determines the bank to be non-viable.

OCBC is sole lead manager and bookrunner. The securities are expected to be rated Baa1 by Moody’s, BBB- by S&P and BBB+ by Fitch, and to list on the Singapore Exchange on Aug, 20 2026.