DBS: subordinate to no-one

DBS returned to the upper tier 2 market yesterday (September 23) with a $750 million 15 non-call 10 deal via lead manager Morgan Stanley and joint lead DBS. Pricing came at the very tight end of indicative terms on an issue price of 99.7% and coupon of 5% to yield 5.037% or 105bp over Treasuries.