DBS Bank sells $1 billion Reg-S bond

Taking advantage of scarcity value both in the DBS name and the Singapore bank sector, DBS prices the largest ever Reg-S bond in Asia, securing $3.5 billion in orders.

DBS Bank came to market with Asia’s largest Reg-S deal to date when it sold $1 billion of senior unsecured notes late Tuesday night. The five-year bonds pay a 2.375% semi-annual coupon and were reoffered at 99.691 to yield 2.441%. This was equivalent to a spread of 100bp over the five-year Treasury yield.

The bonds have been set to mature on September 14, 2015 and carry an Aa1 rating by Moody’s and an AA- rating by Standard and Poor’s.

DBS had looked to price a benchmark size transaction, which typically means a minimum of $500 million. However, as books opened, it was soon clear to the market that the borrower was after...

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