The Notes will initially bear a fixed coupon of 3.80% per annum with interest payable semi-annually. If the Notes are not redeemed on January 20, 2023, the interest rate from that date will be reset at a fixed rate per annum of the then-prevailing 5-year Swap Offer Rate and 1.10%.
The Notes are expected to be issued on January 20, 2016 and are expected to qualify as Tier 2 capital of DBSH and its subsidiaries, on a consolidated basis (the “DBSH Group”), subject to the requirements of the Monetary Authority of Singapore. The net proceeds from the issue of the Notes will be used for the finance and treasury activities of DBSH, including the provision of intercompany loans (or other forms of financing) to its subsidiaries.
DBSH has mandated DBS Bank Ltd. as sole bookrunner and Bank of China Singapore Branch, Citigroup, and Deutsche Bank as co-managers for the issuance of the Notes. The Notes have been offered to certain non-U.S. investors outside the United States in reliance on Regulation S under the Securities Act.
The Notes are expected to be rated A2 by Moody's Investors Service, and A+ 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 Notes on the SGX-ST. There is no guarantee that an application to the SGX-ST will be approved. Admission of the Notes to the Official List of the SGX-ST is not to be taken as an indication of the merits of DBSH, the Programme or the Notes. The SGX-ST assumes no responsibility for the correctness of any statement made, opinions expressed or reports contained herein.
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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 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.
