DBS attracts record crowd

Strong demand from Asia''s private banking sector has led the Singapore bank''s tier 1 perpetual issue to close five times oversubscribed.

Asia's private client network is said to have represented about 80% of a $1.5 billion regional order book that propelled the global book above the $2.8 billion mark. The huge level of demand helped lead the perpetual non-call 10 offering to be upsized from $500 million to $725 million on pricing yesterday Wednesday, with total proceeds of $782 million raised, once an S$100 million $56.6 million tranche is taken into consideration.

The simultaneous Singapore dollar-denominated issue,...

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