DBS Bank has priced the issue of US$1 billion ($1.37 billion) fixed rate covered bonds due 2018.
This is the banking and financial group's first issue under its US$10 billion global covered bond programme established on June 16, 2015, DBS says in a statement today.
According to DBS, the covered bonds will bear a fixed coupon of 1.625% per annum payable semi-annually in arrear.
This is equal to a spread of 37 basis points over mid-swaps, which is well below the level for new senior unsecured US dollar debt issues by bank issuers of similar rating to DBS, it says.
Thus far, the issue has attracted orders worth about US$1.37 billion from over 40 investors, with banks anchoring the order book and accounting for 62% of orders.
DBS says it has received orders across 16 countries with 51% of it coming from Asia.
DBS, Deutsche Bank, J.P. Morgan and Société Générale were mandated as joint global coordinators, joint lead managers and joint bookrunners, while Barclays and Citibank as joint lead managers and joint bookrunners for the issue.
The issue is expected to be rated Aaa/AAA by Moody's and Fitch.
DBS rose 10 cents or 0.5% to $21.10 with some 3.5 million shares traded at 9.03 am today.
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This is the banking and financial group's first issue under its US$10 billion global covered bond programme established on June 16, 2015, DBS says in a statement today.
According to DBS, the covered bonds will bear a fixed coupon of 1.625% per annum payable semi-annually in arrear.
This is equal to a spread of 37 basis points over mid-swaps, which is well below the level for new senior unsecured US dollar debt issues by bank issuers of similar rating to DBS, it says.
Thus far, the issue has attracted orders worth about US$1.37 billion from over 40 investors, with banks anchoring the order book and accounting for 62% of orders.
DBS says it has received orders across 16 countries with 51% of it coming from Asia.
DBS, Deutsche Bank, J.P. Morgan and Société Générale were mandated as joint global coordinators, joint lead managers and joint bookrunners, while Barclays and Citibank as joint lead managers and joint bookrunners for the issue.
The issue is expected to be rated Aaa/AAA by Moody's and Fitch.
DBS rose 10 cents or 0.5% to $21.10 with some 3.5 million shares traded at 9.03 am today.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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