The Securities are to be issued under DBSH’s USD 30 billion Global Medium Term Note Programme. Net proceeds from the issue will be used for the finance and treasury activities of DBSH, including the provision of intercompany loans (or other forms of financing) within the DBS Group. This is the first time DBSH has accessed USD investors for an Additional Tier 1 capital offering, taking advantage of favourable market conditions.
Said DBS CFO Chng Sok Hui, “We are pleased with the strong support from international and domestic investors for the offering. This is our maiden Basel III Additional Tier 1 instrument issued outside of the Singapore dollar market and it diversifies our Additional Tier 1 investor base. The tight pricing achieved is a testament of investors’ confidence in DBS and we were able to take advantage of an attractive market window.”
DBSH has mandated DBS Bank Ltd. as Sole Global Coordinator and Citigroup Global Markets Singapore Pte. Ltd., DBS Bank Ltd., Deutsche Bank AG, Singapore Branch, The Hongkong and Shanghai Banking Corporation Limited and Société Générale as Joint Bookrunners for the issuance of the Securities. The Securities have been offered to certain non-U.S. investors outside the United States in reliance on Regulation S under the U.S. Securities Act of 1933, as amended.
The Securities are expected to be rated A3(hyb) by Moody's Investors Services Inc. and BBB by Fitch Ratings Ltd.
Application will be made to the Singapore Exchange Securities Trading Limited (the “SGX-ST”) for the listing and quotation of the Securities on the SGX-ST. There is no guarantee that an application to the SGX-ST will be approved. Admission of the Securities to the Official List of the SGX-ST is not to be taken as an indication of the merits of DBSH, its Global Medium Term Note Programme or the Securities. The SGX-ST assumes no responsibility for the correctness of any statement made, opinions expressed or reports contained herein.
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO CANADA OR JAPAN, THE UNITED STATES OF AMERICA (the “U.S.”) OR TO U.S. PERSONS.
This press release does not constitute or form a part of any offer, solicitation or invitation to sell, issue, purchase or subscribe for securities in the United States or any other jurisdiction. The securities mentioned herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the United States or any other jurisdiction. The securities will be offered and sold outside the United States in reliance on Regulation S under the Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of, US persons (as defined in the Securities Act) absent registration or an exemption from registration under the Securities Act. No public offering of the securities will be made in the United States or in any other jurisdiction where such an offering is restricted or prohibited.
Copies of this announcement should not be distributed, directly or indirectly, in or into the United States or to U.S. persons or in any other jurisdiction in which such distribution is prohibited.
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 organisation. Similar ratings on different types of securities do not necessarily mean the same thing. The significance of each rating should be analysed independently from any other rating.
______________________________________* Source: Dealogic
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About DBS DBS - Living, Breathing AsiaDBS 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 is at the forefront of leveraging digital technology to shape the future of banking, and has been named “World’s Best Digital Bank” by Euromoney. The bank has also been recognised for its leadership in the region, having been conferred “Asia’s Best Bank” by The Banker and Euromoney, and “Asian Bank of the Year” by IFR Asia. 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. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. 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.
