DBS returned to the upper tier 2 market yesterday September 23 with a $750 million 15 non-call 10 deal via lead manager Morgan Stanley and joint lead DBS. Pricing came at the very tight end of indicative terms on an issue price of 99.7% and coupon of 5% to yield 5.037% or 105bp over Treasuries.
Bankers calculate the Libor spread to be 61bp over, an incredibly steep 15bp differential relative to the main benchmark provided...