Commentary & Deal Flow

Books: €1.9bn (Incl €250m JLM)

Guidance: 3yr: MS+23a

• Issuer: Oversea-Chinese Banking Corporation Limited
• Issuer LEI: 5493007O3QFXCPOGWK22
• Guarantor: Red Sail Pte. Ltd.
• Type: Singapore Covered Bond backed by 100% SGD denominated Singaporean residential mortgage loans, ECBC Covered Bond Label Compliant
• Format: Reg S, Registered
• Exp CB Ratings: Aaa (Moody's) / AAA (Fitch)
• Issuer Ratings: Aa1 (Moody's) / AA- (S&P) / AA- (Fitch)
• Expected Size: €500 million (WNG)
• Maturity: 18-May-29
• Extension: Soft Bullet (12 month extension)
• Guidance: MS+23bp area
• Settlement: 18-May-26 (T+5)
• Coupon: Fixed, Annual, Act/Act (ICMA)
• Terms: EUR 100k+1k Denoms / SGX-ST Listing / US$10bn Global Covered Bond Programme
• Target Market: MiFID II and UK MiFIR product governance: Eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document or UK PRIIPs key information document/CCI product summary has been prepared as not available to retail in EEA or the UK
• Joint Bookrunners: Barclays, Commerzbank, Crédit Agricole CIB, DZ BANK, OCBC and UBS Investment Bank
• Offer Documents: The Offering Memorandum and the Pricing Supplement, when published, will be available on the website of the SGX-ST
• Expected Timing: Today’s business