By Reshmi Basu and Paul A. Harris
New York, June 9 - Singapore's DBS Bank Ltd. sold $900 million of 15-year floating-rate notes (Aa3/A/A+) at par to bear a coupon of 61 basis points more than three-month Libor, according to a market source.
The issue will be callable in 2016. If not called, the coupon will step up to 161 basis points over Libor.
Morgan Stanley was the bookrunner for the Rule 144A and Regulation S transaction.
| Issuer: | DBS Bank Ltd.
|
| Amount: | $900 million
|
| Issue: | Subordinated floating-rate notes
|
| Maturity: | July 15, 2021
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| Coupon: | Three-month Libor plus 61 basis points
|
| Issue price: | Par
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| Call option: | Callable on July 15, 2016; If not called, coupon steps up by 100 basis points
|
| Pricing date: | June 9
|
| Settlement date: | June 16
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A
|
| Fitch: A+
|
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