meta.aspx
     

Capital Markets

DBS’ Capital Markets Group is instrumental in helping companies tap the equity capital markets through initial public offerings (IPOs) and secondary market activities such as share placements and rights issues. The Capital Markets Group operates through its two key hubs in Singapore and Hong Kong.


In Singapore, DBS is the market leader for equity fund raisings in terms of funds raised and has participated in numerous landmark transactions.


DBS is the pioneer of the Real Estate Investment Trust (REIT) and Business Trust (BT) markets in Singapore. DBS tops the league table in the REIT and BT space with a market share of 76% in equity fund raisings since the inception of REITs in 2002.


In recognition of our track record in equity capital markets transactions which included REITs and BTs, DBS has been awarded numerous accolades including:

  • FinanceAsia Country Awards 2011
    - Best Investment Bank, Singapore
    - Best Equity House, Singapore
  • Asiamoney Best Banks Awards 2011
    - Best Domestic Equity House in Singapore
  • Alpha Southeast Asia 5th Annual Best Financial Institution Award
    - Best Investment Bank, Singapore
    - Best Equity House, Singapore
  • Euromoney Awards for Excellence 2011
    - Best Investment Bank in Singapore
  • The Asset Triple A Country Awards 2011
    - Best Domestic Investment Bank
  • IFR Asia Awards 2011
    - Equity House of the Year, Singapore

  • Equity Capital Markets
  • Asset-Backed Structured Products
  • Strategic Advisory

    • Equity Capital Markets

    Our Equity Capital Markets team provides innovative equity capital markets solutions to our large corporate and small & medium enterprise (SME) customers. Focusing on both IPOs and secondary offerings such as placements and rights issues, we have managed many landmark transactions for local and foreign companies.


    Some of our notable IPOs include Global Logistic Properties (raised approx. SGD 3.9 billion), CapitaMalls Asia (raised approx. SGD 2.8 billion), SP Ausnet (raised approx. SGD 1.8 billion) and Singapore Post (raised approx. SGD 684 million).


    Capitalising on our in-depth knowledge of the equity markets, we also lead-managed/participated in various regional and/or cross-jurisdiction offerings including SP Ausnet (dual listing on ASX and SGX), Astro All Asia Networks (listed on Bursa Malaysia), PT Adaro Energy (listed on the Jakarta stock exchange) and San Miguel Brewery (listed on the Philippines stock exchange).


    We are also active in supporting our clients’ on-going capital needs through raising funds in the secondary equity market. Notable deals include the SGD 1.8 billion rights issue of CapitaLand Limited, the SGD 1.5 billion rights issue of Genting Singapore PLC and the SGD 1.4 billion rights issue of Neptune Orient Lines Limited.


    For more information about DBS Bank's Equity Capital Markets services, please contact us through fax at +65 6221 8847 or email cmarkets@dbs.com


    Top of Page

    Asset-Backed Structured Products

    The Asset-Backed Structured Products team is responsible for REITs, BTs, securitisations and other structured products.


    REITs and BTs

    DBS is the pioneer of the REIT and BT markets in Singapore and Asia ex-Japan. Acting as the sole lead manager and underwriter, we launched the first REIT in Asia ex-Japan in 2002 and the first BT in Asia in 2006. DBS has continued to be the clear market leader in the REIT and BT space with a market share of 76% since 2002.


    In recognition of DBS’ achievements in the REIT market, DBS was awarded the SGX 10th Anniversary Special Achievement Award, for its instrumental role in promoting Singapore as a key fundraising centre, in particular for REITs, making Singapore the largest REIT market in Asia ex-Japan.


    Recent REIT and BT IPOs brought to the market by DBS include those for Hutchison Port Holdings Trust (the largest ever IPO in South-east Asia), Perennial China Retail Trust and Mapletree Commercial Trust. These were the 3 largest IPOs in Singapore in 2011 and DBS was the only bank holding the top-tier syndicate role in all 3 transactions.


    Besides being the market leader, DBS has an unrivalled track record in spearheading innovations in the REIT and BT space, across different asset classes and geographies, including:

    • First REIT in Singapore and Asia ex-Japan - CapitaMall Trust (SGD 235 million)
    • First Cross-Border REIT in Asia - Fortune REIT (HKD 1.0 billion)
    • First Commercial REIT in Singapore and first distribution-in-specie REIT in Asia - CapitaCommercial Trust (SGD 2,019 million)
    • First Hotel REIT in Asia ex-Japan - CDL Hospitality Trust (SGD 353 million)
    • First China Property REIT - GZI REIT (USD 230 million)
    • First Thailand Property Fund with International Offering - CPN Retail Growth Property Fund (USD 265 million)
    • First Airport Property Fund in the World - Samui Airport Property Fund
    • First Malaysia REIT with International Offering - Starhill REIT (USD 135 million)
    • First India Property Trust in Singapore- Ascendas India Trust (SGD 550 million)
    • First Business Trust in Asia - Pacific Shipping Trust (USD 100 million)
    • First Infrastructure Trust in Singapore - CitySpring Infrastructure Trust (SGD 286 million)
    • First Water Trust in Singapore - Hyflux Water Trust (SGD 129 million)
    • First preferred unit issuance by a REIT - Frasers Commercial Trust (SGD 117 million)
    • First REIT Dual Listing in Asia - Fortune REIT
    • First Container Port BT in the World - Hutchison Port Holdings Trust (USD 5.45 billion)
    • First PRC Retail Development Trust in Singapore - Perennial China Retail Trust (SGD 776 million)
    • First BT in Hong Kong - HKT Trust (HKD 9.3 billion)
    • First Perpetual Securities issuance by a REIT - Mapletree Logistics Trust (SGD 350 million)

    DBS is also the only bank which has undertaken REIT and BT IPOs on a sole basis in Singapore, including those for CapitaMall Trust, Fortune REIT and Pacific Shipping Trust.


    Securitisation and others

    DBS is a pioneer in the securitisation of real estate in Singapore. Some of the key securitisation deals that we were involved in include:
    • Largest securitisation in Singapore - Raffles City Property (SGD 985 million)
    • Securitisation of Ngee Ann City (SGD 560 million)
    • Securitisation of Capital Square (SGD 505 million)
    • Securitisation of Century Square (SGD 200 million)
    • Securitisation of Compass Point (SGD 335 million)
    • First Securitisation in Singapore of a commercial property - Robinson Point (SGD 193 million)
    • Collaterised mortgage-backed securities (CMBS) for CapitaCommercial Trust - Silver Loft CMBS (USD 343 million)
    • First CMBS in Hong Kong - Triumph CMBS (HKD 2,385 million)
    • CMBS for Raffles City (Silver Oak’s USD 645 million CMBS)
      • This was Asia’s first such US dollar deal (outside of Australia and Japan) since the onset of the 2008 financial crisis
      • It won IFR magazine’s Asia-Pacific Securitisation Deal of the Year award in 2011

    Capitalising on our expertise in the real estate space and relationships with investors, DBS has advised on some of the largest real estate transactions in Singapore. DBS acted as financial adviser to Raffles Holdings Limited in the SGD 2.2 billion sale of the Raffles City Property to CapitaCommercial Trust and CapitaMall Trust, which entailed unwinding an existing securitisation structure for Raffles City that was also executed by DBS. DBS also acted as joint financial adviser to JTC Corporation for its largest ever industrial portfolio divestment valued at SGD 1.7 billion.


    For more information about DBS' services relating to Asset-Backed Structured Products including REITs, BTs and securitisations, please fax us at +65 6225 6783. Alternatively, you can contact:

    • Eng-Kwok Seat Moey, Managing Director & Head, Asset-Backed Structured Products (+65 6878 6131)
    Top of Page

    Strategic Advisory

    DBS’ Strategic Advisory team plays two key roles:

    1. Supporting key clients of the Institutional Banking Group by rendering advice on corporate strategy, restructuring, capital structure design, and shareholder value analysis; and
    2. Providing mergers and acquisitions (“M&A”) advice to DBS’ corporate clients in originating, structuring and executing:
    • Buy-side and sell-side M&A transactions for public and private companies;
    • Leveraged and/or management buy-outs;
    • Strategic investments and joint ventures;
    • Corporate restructurings and spin-offs; and
    • Enterprise valuations.

    Some of the M&A transactions the team has advised on include:

    • Bunge’s strategic investment in Tiga Pilar Sejahtera Food;
    • Spice i2i’s acquisition of Affinity Group;
    • Glencore International’s acquisition of Chemoil;
    • Ezra Holdings’ acquisition of Aker Marine Contractors;
    • Kuok Group’s privatisation of Allgreen Properties; and
    • CDH Investment’s leveraged buyout of Sinomem Technology.

    The team fulfils its dual role by operating out of DBS’ twin hubs in Singapore and Hong Kong, while working closely with its network of regional team members based in Jakarta, Kuala Lumpur, Beijing, Shanghai, and Mumbai.


    In 2012, based on MergerMarket data, the DBS Group advised on 16 transactions totaling approximately US$21 billion.


    For more information about DBS’ Strategic Advisory services, please email us at maadvisory@dbs.com.  Alternatively, you can contact:

    • Singapore: Choe Tse Wei, Managing Director (+65 6878 5026)
    • Singapore: Uten Lohachitpitaks, Managing Director (+65 6878 1865)
    • Hong Kong: Stephen Ho, Managing Director (+852 3668 9331)

    For more details regarding selected M&A transactions advised by DBS please click here


    Top of Page

    Terms & Conditions | Privacy Policy | Fair Dealing Commitment | © 2007 DBS Bank Ltd | Co. Reg. No. 196800306E