Capital Disclosures

DBS’s capital management objective is to maintain a strong capital position consistent with regulatory requirements under MAS Notice to Banks No. 637 and the expectations of our various stakeholders, i.e., customers, investors and rating agencies. We pursue this objective while delivering returns to shareholders and ensuring that adequate capital resources are available for business growth and investment opportunities as well as adverse situations.

> Learn more about our capital management process here

> Find our Basel 3 Pillar 3 disclosures on capital for the most recent and prior reporting periods here

> The main features of our outstanding capital instruments are summarised here

List of outstanding capital instruments

Instrument SGX Mainboard Listing Moody’s
S&P
Fitch
Capital
Eligibility
Payment
Dates
Additional Tier 1
DBSH S$805,000,000 4.7% Non-Cumulative, Non-Convertible, Perpetual Capital Securities First Callable in 2019, issued in connection with the Tender Offer described in the Invitation Memorandum dated November 7, 2013 No A3(hyb)
N.A.
BBB
Additional
Tier 1
3 Jun
3 Dec
DBSH US$750,000,000 3.60% Non-Cumulative Non-Convertible Perpetual Capital Securities First Callable in 2021 issued pursuant to the US$30,000,000,000 Global Medium Term Note Programme No A3(hyb)
N.A.
BBB
Additional
Tier 1
07 Mar
07 Sep
DBS Bank S$1,500,000,000 5.75% Non-Cumulative, Non-Convertible, Non-Voting Guaranteed Preference Shares Callable with Step-Up in 2018 No A3
BBB+
BBB
Additional
Tier 1*
15 Jun
15 Dec
(pre step-up)
DBS Bank S$800,000,000 4.7% Non-Cumulative, Non-Convertible, Non-Voting Preference Shares Callable in 2020 Yes A3
BBB+
BBB
Additional
Tier 1*
22 May
22 Nov
Tier 2
DBSH S$250,000,000 3.80% Subordinated Notes due 2028 Callable in 2023 issued pursuant to the US$30,000,000,000 Global Medium Term Note Programme No A2(hyb)
N.A.
A+
Tier 2 20 Jan
20 Jul
DBSH JPY 10,000,000,000 0.918% Subordinated Notes due 2026 issued pursuant to the US$30,000,000,000 Global Medium Term Note Programme No A2(hyb)
N.A.
N.A.
Tier 2 8 Mar
8 Sep
DBSH HK$1,500,000,000 3.24% Subordinated Notes due 2026 Callable in 2021 issued pursuant to the US$30,000,000,000 Global Medium Term Note Programme No A2(hyb)
N.A.
A+
Tier 2 19 Jan
19 Apr
19 Jul
19 Oct
DBS Bank S$1,000,000,000 3.30% Subordinated Notes due 2022 Callable in 2017 issued pursuant to the US$30,000,000,000 Global Medium Term Note Programme** No Aa3
A+
A+
Tier 2* 21 Aug
21 Feb
DBS Bank US$750,000,000 3.625% Subordinated Notes due 2022 Callable in 2017 issued pursuant to the US$30,000,000,000 Global Medium Term Note Programme** No Aa3
A+
A+
Tier 2* 21 Sep
21 Mar
DBS Bank S$1,000,000,000 3.10% Subordinated Notes due 2023 Callable in 2018 issued pursuant to the US$30,000,000,000 Global Medium Term Note Programme** No Aa3
A+
A+
Tier 2* 14 Feb
14 Aug

* These instruments are prima facie ineligible as capital instruments under Basel III rules as they lack provisions for conversion to ordinary shares or write-down on point of non-viability but are accorded partial recognition under the Basel III transitional arrangements.
** The latest Global Medium Term Note Programme Offering Circular is available here.

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