The covered bonds are expected to be rated “Aaa” by Moody’s Investors Services and “AAA” by Fitch Ratings. They will be guaranteed by Red Sail and secured by a portfolio of assets purchased by Red Sail from OCBC.
The covered bonds are expected to be issued on June 11 and listed on June 12.
Barclays Bank, BNP Paribas, Crédit Agricole Corporate and Investment Bank, DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, ING Bank N.V., Norddeutsche Landesbank-Girozentrale and OCBC acted as the joint lead managers. Commerzbank Aktiengesellschaft and Landesbank Baden-Württemberg acted as co-managers for this issue.
Shares in OCBC closed at $14.39 on June 4.
