Oversea-Chinese Banking Corporation Limited’s £250 Million Covered Bonds Benchmark Switch

Linklaters advised OCBC Bank on the deal.

Oversea-Chinese Banking Corporation Limited (OCBC Bank) received consent from bondholders yesterday to switch the benchmark underpinning its £250m floating rate covered bonds due 2023 from GBP LIBOR to SONIA (including consequential amendments to the underlying covered bond swaps). This consent is the first of its kind for the Asia market as organisations start transitioning to new risk-free rate benchmarks.

The Linklaters team advising OCBC Bank was led by capital markets partner Jonathan Horan (Picture) and counsel Grace Wee, with support from managing associates Samuel Lee and Cherrylene Lee. Capital markets partner Victor Wan advised OCBC Bank on the underlying covered bond swaps.

Barclays Bank PLC, Singapore Branch acted as solicitation agent to OCBC Bank.

Involved fees earner: Cherrylene Lee – Clifford Chance; Jonathan Horan – Linklaters; Samuel Lee – Linklaters; Victor Wan – Linklaters; Grace Wee – Linklaters;

Law Firms: Clifford Chance; Linklaters;

Clients: Oversea-Chinese Banking Corporation;

Author: Sonia Carcano