Singapore’s DBS raises US$2bil through US dollar bonds, term sheet shows

DBS Group, Southeast Asia’s biggest bank, has raised US$2 billion through a multi-tranche US dollar senior bond issuance for general business purposes and to finance treasury activities, according to a term sheet seen by Reuters on Friday.

The issuance consists of two floating rate notes, raising US$1 billion and US$500 million with three-year and five-year tenors, respectively, along with a three-year fixed-rate note raising US$500 million, offering a coupon rate of 4.403%.

Orders for both floating rate notes hit US$3 billion each, with the five-year tranche receiving the most demand from 179 accounts. Meanwhile, the three-year fixed-rate note garnered US$1.4 billion in interest from 102 accounts, according to the term sheet.

Asian investors accounted for nearly half of the offers, with interest from the region reaching 63% on the five-year floating rate tranche, primarily driven by asset and fund managers, as well as banks.

Source: NST