Commentary & Deal Flow

Books £1.3bn+ (excluding JLM interest)

Guidance: 3yr: SONIA+53a

• Issuer: Oversea-Chinese Banking Corp Ltd
• Issuer LEI: 5493007O3QFXCPOGWK22
• Guarantor: Red Sail Pte. Ltd
• Ticker: OCBCSP
• Rating Split: Issuer: Aa1/AA-/AA- (Moody's/S&P/Fitch), Issue: Aaa/AAA (Moody's/Fitch)
• Type: Singapore Covered Bond backed by 100% SGD denominated Singaporean residential mortgage loans, ECBC Covered Bond Label Compliant
• Format: Reg S (Category 2), Registered
• Size: £ Benchmark
• Pricing Date: 19-Aug-26
• Issue Date: 26-Aug-26 (T+5)
• Maturity: 26-Aug-29 - 3yr (soft bullet)
• Guidance: SONIA+ 53bps area
• Coupon: Floating, Compounded Daily SONIA, 5 day observation lag, Quarterly, ACT/365F
• Reoffer Price: 100%
• Documentation: Issued under the Issuer’s U.S.$10,000,000,000 Global Covered Bond Programme dated 25-Mar-26, as supplemented
• Listing/Governing Law: Singapore Exchange Securities Trading Limited (“SGX-ST”)/English Law
• Denominations: £100k + 1k
• ISIN/Common Code: XS3481584657/348158465
• Joint Lead Managers: Barclays, HSBC, Lloyds (B&D), OCBC, RBC Capital Markets, and TD Securities
• UK MiFIR / MiFID II Target Market: Professional investors and ECPs only target market (all distribution channels). No EEA PRIIPs key information document (KID)/CCI product summary has been prepared as not available to retail in EEA or UK
• Offering Documents: The Offering Memorandum, as supplemented, is available and the final terms, when published, will also be available on the website of the www.sgx.com
• Timing: Books open, today’s business
• Relevant stabilisation regulations including FCA / ICMA apply.