Issue of AUD750 million floating rate covered bonds under DBS Bank Ltd.’s USD10 billion Global Covered Bond Programme

Regional, Singapore.25 May 2016
Regional, Singapore, 25 May 2016 - DBS Bank Ltd. has today successfully priced the issue of AUD750 million floating rate covered bonds due 2019 (the “Covered Bonds”) under DBS Bank Ltd.’s USD10 billion Global Covered Bond Programme (the “Programme”) established on 16 June 2015 and updated on 14 April 2016. The Covered Bonds are expected to be eligible for repo with the Reserve Bank of Australia.

The Covered Bonds will bear a quarterly coupon of 3-month BBSW + 0.77% and will be guaranteed as to payments of interest and principal by Bayfront Covered Bonds Pte. Ltd. (“BCB”). The guarantee (the “Covered Bond Guarantee”) is secured by a portfolio consisting of, inter alia, mortgage loans purchased by BCB from DBS Bank Ltd. and other assets of BCB.

DBS Bank Ltd. has mandated DBS Bank Ltd., Barclays Bank PLC, Singapore Branch, National Australia Bank, RBC Capital Markets and Westpac Institutional Bank to act as Joint Lead Managers and Société Générale to act as Co-Manager for the issue of the Covered Bonds.

The Covered Bonds are expected to be rated AAA by Fitch Australia Pty Ltd and Aaa by Moody’s Investors Services Inc.

The settlement date of the Covered Bonds is expected to be 3 June 2016. The net proceeds arising from the issue of the Covered Bonds will be used for the general business purposes of DBS Bank Ltd. and its consolidated subsidiaries. 

Application will be made to the Singapore Exchange Securities Trading Limited (the “SGX-ST”) for the listing and quotation of the Covered Bonds on the SGX-ST. There is no guarantee that an application to the SGX-ST will be approved. Admission of the Covered Bonds to the Official List of the SGX-ST is not to be taken as an indication of the merits of DBS Bank Ltd., the Programme or the Covered Bonds. The SGX-ST assumes no responsibility for the correctness of any statement made, opinions expressed or reports contained herein.

THIS ANNOUNCEMENT IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO CANADA OR JAPAN, THE UNITED STATES OF AMERICA OR TO U.S. PERSONS.

This announcement is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws of the United States, and may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the Securities Act) absent registration or an applicable exemption from the registration requirements under the Securities Act and applicable state securities laws of the United States. Any public offering of securities to be made in the United States will be made by means of a prospectus. Such prospectus will contain detailed information about the company making the offer and its management and financial statements. There will be no public offering of the securities referred to herein in the United States. Nothing in this communication shall constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer or sale would be unlawful.

A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating organization. Similar ratings on different types of securities do not necessarily mean the same thing. The significance of each rating should be analyzed independently from any other rating.


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About DBS
DBS - Living, Breathing Asia
DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's capital position, as well as "AA-" and "Aa1" credit ratings, is among the highest in Asia-Pacific. DBS has been recognised for its leadership in the region, having been named “Asia’s Best Bank” by The Banker, a member of the Financial Times group, and “Best Bank in Asia-Pacific” by Global Finance. The bank has also been named “Safest Bank in Asia” by Global Finance for seven consecutive years from 2009 to 2015.

DBS provides a full range of services in consumer, SME and corporate banking activities across Asia. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. These market insights and regional connectivity have helped to drive the bank’s growth as it sets out to be the Asian bank of choice. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 22,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.