DBS prices $2.05b fixed rate bonds at 2.375% due 2027

DBS Bank Ltd. will serve as the sole global coordinator of the bonds. 

Pricing of $2.05b (US$1.5b) at 2.375% due 2027 was revealed by the Development Bank of Singapore (DBS) Ltd.

The bonds will be issued under the bank’s $13.64b (US$10b) Global Covered  Bond Programme. The fixed-rate of 2.375% is applicable on a per annum basis, payable semi-annually. 

Bayfront Covered Bond Pte. Ltd. (BCB) will be in charge of guaranteeing payments of interest and principal. Backing up the Covered Bond Guarantee is a portfolio of mortgage loans purchased by BCB from DBS.

The same entity, DBS Bank Ltd., will also serve as the sole global coordinator. Meanwhile, Barclays Bank PLC, Singapore Branch, ING Bank N.V., Singapore Branch, J.P. Morgan Securities plc, RBC Capital Markets, LLC, Société Générale and Wells Fargo Securities, LLC, will act as Joint Lead Managers for the issue of its 5-year fixed rate USD Covered Bonds. 

A settlement date of 17 March 2022 is expected for the Covered Bonds, with the proceeds being used for the general business purposes of DBS and its consolidated subsidiaries.