dbs-prices-new-uppertier-2-offering

DBS prices new upper-tier 2 offering

SingaporeÆs largest bank prices upsized dollar-denominated junior subordinated debt offering inside of price guidance.
DBS returned to the upper tier 2 market on Friday June 9 with a $900 million 15-year non-call 10-year FRN via joint lead managers DBS, Deutsche Bank, JPMorgan, and Morgan Stanley. Morgan Stanley had sole books on the deal.

The Aa3 rated deal priced at par with a coupon of 61bp over 3-month Libor. The coupon steps up to 161bp over if not redeemed on its June 15 2016 call date.

At these levels the deal comes at the wider end of a very small indicative pricing range of 60-61bp over Libor.

The deal was increased from its revised launch size of $750 million. When the roadshows were being conducted DBS was looking...
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