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OCBC Bank to raise £250M in covered bonds

Oversea-Chinese Banking Corp. Ltd. will issue £250 million of floating-rate covered bonds due 2023.

The lender said in a March 8 release that the covered bonds will bear an annual interest of 0.27% above the three-month sterling LIBOR reference rate. The bonds are expected to be issued March 14.

OCBC Bank plans to use the net proceeds from the issuance for general corporate purposes.