DBS bond

US investors drive aggressive pricing of DBS's $1 billion bond

Meanwhile Olam International taps the Singapore dollar market via a S$275 million perpetual.
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DBS taps the US investor base for the first time and is rewarded with a tightly priced deal (AFP)</div>
<div style="text-align: left;"> DBS taps the US investor base for the first time and is rewarded with a tightly priced deal (AFP)</div>

DBS Bank closed an aggressively priced $1 billion five-year bond early yesterday morning. The Singapore lender tapped US investors for the first time, making it one of the few local borrowers aside from Temasek to target that investor base. US investors took up close to half of the deal and helped drive pricing tighter.

Bank of America Merrill Lynch, DBS and Goldman Sachs were joint bookrunners.

The deal attracted an order book of $1.9 billion from 118 accounts. The bonds priced at Treasuries plus 145bp compared to the Treasuries plus 150bp initial guidance and came inside its secondary bonds on a curve-adjusted basis. The coupon was fixed...

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