DBS back in debt market again

After pricing a $900 upper-tier 2 deal last month, DBS brings new Singapore dollar subordinated deal to market.

DBS has launched a S$500 million $317 million 15-year non-call 10 year subordinated offering. This comes on the back of its recent upper-tier 2 $900 million 15-year non-call 10-year FRN in mid-June. DBS, Deutsche Bank and JP Morgan were joint bookrunners on the local currency deal.

The Aa3AA Fitch rated notes were priced at par with a coupon of 4.47%, with a step-up in 2016. If not called the notes step up to six-month Singapore dollar swap...

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