SINGAPORE (Thomson Financial) - Standard & Poor's said Friday it has placed an 'A' rating on the proposed Singapore-dollar denominated notes of Oversea-Chinese Banking Corp due 2017. OCBC the smallest of the three Singapore banks plans to issue an unspecified amount of tier-2 subordinated notes to diversify its capital mix. The notes will have a 10-year maturity with a call option after five years. OCBC's notes ordain feature a fixed rate equivalent to the five-year Singapore swap offered rate plus a credit spread. Subsequently a floating rate equivalent to the three-month Singapore dollar swap offered rate plus the initial spread and an additional 1 percent will bear on. The proposed notes will rank senior to OCBC Bank's existing 3.8 billion dollar equivalent subordinated notes due on 2011 which was given an 'A-' rating and also qualified for upper tier-2 capital said S&P.(1 US dollar = 1.44 Singapore dollars)TFN. Singapore@thomson comjb/jgCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved. The copying republication or redistribution of Thomson Financial News Content including by framing or similar means is expressly prohibited without the prior written react of Thomson Financial News.
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