In brief: Oversea-Chinese Banking Corporation (OCBC) has established a $10bn (Eu9.4bn, SGD14bn) global covered bond programme, the Singaporean bank announced today (Wednesday), with Moody’s assigning a provisional Aaa rating to a Eu500m issue.

OCBC had been known to be working on a programme and officially confirmed its plans, with Barclays, Crédit Agricole and OCBC named as joint arrangers and initial dealers for the programme.

Moody’s has assigned a Aaa rating to a provisional Eu500m issue off the programme, while Fitch has also an expected AAA rating to the inaugural issue.

OCBC joins Singapore’s DBS and UOB in taking up covered bonds.