DBS Bank Ltd. has on 9 November 2021 successfully priced the inaugural issue of GBP1,000,000,000 floating rate covered bonds due 2025 (the “Covered Bonds”) under DBS Bank Ltd.’s USD10 billion Global Covered Bond Programme (the “Programme”).

The Covered Bonds will bear a floating rate coupon of Compounded Daily SONIA plus 1.00 per cent per annum payable quarterly in arrear 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 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. to act as the Sole Global Coordinator, and DBS Bank Ltd., HSBC Bank plc, National Australia Bank Limited and RBC Europe Limited to act as Joint Lead Managers for the issue of its inaugural 4-year floating rate GBP Covered Bonds. The Covered Bonds have been offered to certain non-U.S. investors outside the United States.

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

The settlement date of the Covered Bonds is expected to be 17 November 2021. 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.

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About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 13 consecutive years from 2009 to 2021.

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. For more information, please visit www.dbs.com.

Inaugural issue of GBP1,000,000,000 floating rate covered bonds due 2025 under DBS Bank Ltd.’s USD10 billion global covered bond programme