DBS rights issue sets scene for others to follow

A generous discount and modest exposure to the financial crisis create strong interest, resulting in Singapore's first rights issue this year being 118% covered.

DBS Group has announced that its S$4.1 billion $2.7 billion rights issue was 118.8% subscribed, including excess applications. The news confirms the success of DBS's fundraising exercise at a time when many of its financial peers in Europe and the US have been forced to seek bailout capital from their respective governments.

The support for DBSÆs rights issue û it received close to 27,500 acceptances and was 98.9% covered even without excess applications û was evident throughout the...

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