DBS Bank $750 Million 144A Reg S Bond Offering
DBS Bank Prices $750 Million Bond Offering In US
NEW YORK – DBS Bank Ltd. completed its $750 million, U.S. dollar-denominated, 10.5-year Lower Tier II bond at 2.6 percentage points over the Treasury rate, according to a person familiar with the transaction.
The 3.625% coupon bond was priced to yield 3.712%.
The bond is callable after 5.5 years, so it is measured over the five-year Treasury rate.
Earlier guidance had indicated a yield of around 2.70 points over Treasurys, which was later revised to a range of 2.575 to 2.675 points.
The Rule 144A Reg S offering is rated Aa2 by Moody’s Investors Service, and A+ by Fitch Ratings and Standard & Poor’s, all with stable outlooks.
Bank of America Merrill Lynch, DBS and Goldman Sachs Group Inc. (GS) are bookrunners on the deal.