| In 1999, DBS increased its fee-based income by 180 percent from capital markets and advisory activities. These activities were directed at serving a range of corporate and government-linked issuers in Singapore and around the region.
Fee-based revenues from such activities are expected to grow as the financial services markets in Singapore and Asia become more diversified in the near future. As an industry leader, DBS set the pace in 1999 with the most active and extensive undertakings among Singapore-based banks.
DBS also dominated the local market in property asset securitisations. These included the completion of the S$878 million securitisation of 6 Battery Road, the largest asset securitisation as well as the largest single Singapore-dollar bond issue in the country. Five other asset securitisations were completed, including NOL Building, Robinson Point, 268 Orchard Road, Century Square and DBS Tampines Centre.
Another milestone transaction was DBS Bank's US$750 million subordinated note issue, which was jointly lead-managed as the first Tier 2 capital issue by a Singapore bank. DBS also lead-managed bond issues by Rabobank Nederland, Morgan Stanley Dean Witter & Co, Lehman Brothers Holding PLC, Wisma (S) Limited, Land Transport Authority and Jurong Town Corporation.
DBS led the market again in underwriting initial public offerings, managing 29 out of the 50 initial public offerings on the Singapore Exchange, raising more than S$1.5 billion for these new enterprises. It managed seven of Singapore's ten largest offerings in 1999, including Allgreen Properties, Raffles Holdings, Del Monte Pacific, Kingboard Copper Foil Holdings, MediaRing.com, Ho Bee Investment and Eagle Brand Holdings. In other achievements, DBS became the first to list a Philippine company in Singapore, the first to list a foreign company on Singapore's SESDAQ and the first to list a foreign company in Singapore dollars. In secondary fund-raising exercises, DBS was also the market leader, raising S$655 million from rights issue and placements for the year.
In its first year of business, DBS Thai Danu Securities was active in a variety of debt restructuring projects. It also co-lead-managed a Baht 6.5 billion equity private placement by the Industrial Finance Corporation of Thailand.
DBS Capital Investments continued to expand its direct investment activities in the region. During the year, investments totalling S$61 million were made in nine new companies and funds. DBS Capital Investments has now built a portfolio of 51 direct and indirect investments in private companies and funds totalling S$240 million. Of these, 18 of the companies in which direct investments were made have been publicly listed.