OCBC yesterday formally set up a $2 billion euro commercial paper ECP programme with the help of Citigroup and Deutsche Bank. The programme will allow OCBC to issue short term paper up to 364 days in maturity. The paper can be denominated in any major global currency, although the bulk of it is likely to be issued in US dollars due to the ease of swapping it back into Singapore dollars if needs be. No paper has yet been sold from the programme.
The programme has been rated A-1 by SP, Prime-1 by Moody's and F1 by Fitch, the highest short-term ratings available.
The ECP programme...
