dbs-back-in-debt-market-again

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 offer rate plus 158bp.

The deal was sold primarily to domestic investors, consisting of asset managers, insurers and banks.

Proceeds from the sale of the bonds will be used to refinance existing amortising tier 2...
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