DBS prices third upper tier 2 issue

DBS closes the books on its latest $850 million bond issue - a deal that had to get done.

DBS Bank has closed the books on its latest bond deal raising $850 through the issue of 10-year bonds. The bonds carry a coupon of 7.125% and have been priced to yield 195bp over the relevant US Treasury bond. It is the third time in three years that DBS has issued an upper tier 2, 10-year bullet bond.

Bookrunner on the deal was Goldman Sachs, while Morgan Stanley and DBS Bank were co-arrangers. JPMorgan and Merrill Lynch...

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