DBS pre-markets synthetic CLO

The Singaporean bank seeks to move credit risk off its balance sheet to improve its capital ratios and prepare for Basel 2.

Led by JPMorgan and DBS, pre-marketing of a $224 million $121 million synthetic CLO will begin on Monday for pricing about a week-and-a-half later. The multi-tranche issue is being largely targeted at a domestic audience and as the first of its kind in non-Japan Asia, incorporates a number of investor-friendly features that are not typically seen in Europe and the US where there has been billions of dollars of issuance since JPMorgan first introduced the structure in December 1997.

In essence, the deal will enable DBS Bank to manage its capital adequacy ratios more efficiently as the 100% risk weighting of a portion of its corporate loan portfolio will be reduced by...

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