不定义为保本的，coupon payment也是浮动的。

SINGAPORE — Oversea-Chinese Banking Corporation has kicked off bookbuilding on its first Basel III-compliant Additional Tier 1 issue, which is expected to generate keen interest.

The non-cumulative, non-convertible perpetual with a call at year five is being marketed at a guidance of 4 per cent area.

The bonds will be rated A3/BBB-/BBB, way below the issuer's ratings of Aa1/AA-/AA-.

There is a reset to a new fixed rate equal to the five-year Singapore dollar SOR plus the initial spread.

The trigger event will be when either the Monetary Authority of Singapore notifies the bank that a write-off is necessary or the MAS decides on a public sector injection of capital. When this happens, a partial or full writedown will be imposed on the bondholders.

OCBC is sole bookrunner and will be joint lead manager with Citi and JP Morgan.

Pricing is expected as early as today. Proceeds will be used for general corporate purposes. REUTERS

如果利息下跌，perpetual的价钱上升，OCBC会买回来。如果利息上升，perpetual的价钱下跌，OCBC不会买回来。但5年后会变成一个floating rate note。有一点注意，万一一个不好，OCBC需要注资，这个perpetual是要write down的。
主要问题还是这个perpetual有没有二手市场？