Commentary & Deal Flow

Launched: 3yr: €500m @ MS+17bp - Books above €2.1bn (incl. €250m JLM), pre-rec

Book Update: 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)
• Size: €500m
• Maturity: 18-May-29
• Extension: Soft Bullet (12 month extension)
• Spread: MS+17bp
• 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
• Books Subject: 11h30 UKT / 12h30 CET
• 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 (B&D), 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