Allen & Gledhill advised Oversea-Chinese Banking Corporation Limited (“OCBC”), as issuer, and Red Sail Pte. Ltd. (“Red Sail”), as covered bond guarantor, on the issue of EUR500 million 0.375 per cent. covered bonds due 2023 and GBP250 million floating rate covered bonds due 2023 under the US$10 billion global covered bond programme established by OCBC.
The bonds are unconditionally and irrevocably guaranteed as to payments of interest and principal by Red Sail.
Advising OCBC and Red Sail as to Singapore law were Allen & Gledhill Partners Magdalene Leong, Andrew Chan, Hoo Sheau Farn, Catherine Neo and Evan John Lam.
Advising OCBC and Red Sail as to Singapore tax issues was Allen & Gledhill Partner Sunit Chhabra.