Jurisdiction - Singapore
Singapore – Allen & Gledhill Advises OCBC’s USD10bn Global Medium Term Note Program And Issue Of USD1bn Tier 2 Subordinated Notes.


10 October, 2012
Oversea-Chinese Banking Corporation Limited (“OCBC Bank”) has updated its US$5 billion Program for Issuance of Debt Instruments as a US$10 billion Global Medium Term Note Program (the “Program”) under which OCBC Bank may issue senior or subordinated notes outside the United States to certain non-U.S. persons in reliance on Regulation S and in the United States to “qualified institutional buyers” as defined in Rule 144A of the U.S. Securities Act of 1933, as amended.
OCBC Bank has issued US$1 billion of 3.15 per cent. fixed rate subordinated notes (the “Notes”) under the Program. The Notes qualify as Tier 2 capital of OCBC Bank and are expected to be eligible for transitional treatment under the Monetary Authority of Singapore’s Basel III framework, from 1 January 2013 onwards.
OCBC Bank, Merrill Lynch (Singapore) Pte. Ltd. and J.P. Morgan (S.E.A.) Limited,  the Joint Arrangers and Dealers for the Program, acted as Joint Lead Managers and Joint Bookrunners for the issue of the Notes.
Advising OCBC Bank as to Singapore law are Allen & Gledhill LLP Partner Glenn Foo and Associate Loo Ming Wei.
For further information, please contact:
Chen Wynn Way, Allen & Gledhill LLP

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