DBS Group priced the largest bank capital deal ever completed in Asia on Friday, issuing a total of $2 billion of bonds in a Reg-S, 144a dual-tranche transaction. Singaporean guidelines supporting the issuance of upper tier-2 and hybrid tier-1 bonds were recently expanded to include lower tier-2 bonds as well. So the DBS deal also marks the first transaction in this format out of Singapore.
ôThe size and the spread of this latest deal are off the chart,ö says one source.
The deal was managed by DBS, Deutsche Bank and JPMorgan.
The deal comprised a 10-year $1.5 billion FRN, and a 10-year $500 million non-call-five fixed-rate tranche, which both priced at the...
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