Chicago, Feb. 7 – DBS Bank Ltd. priced €1 billion of 3.2087% covered bonds due 2026 (Aaa//AAA), according to a source.
The bonds priced at par to yield 3.214%, or at mid-swaps plus 29 basis points. Guidance started in the mid-swaps plus 36 bps area.
The coverage comes from Singaporean residential mortgage loans.
Societe Generale (billing and delivery), DBS Bank Ltd., DZ Bank, ING, LBBW and UBS Investment Bank were the joint lead managers on the Regulation S deal.
A dealer said the final order book was over €3.35 billion.
The listing will be in Singapore.
The financial services group is based in Singapore.
| Issuer: | DBS Bank Ltd.
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| Amount: | €1 billion
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| Issue: | Covered bonds
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| Maturity: | Aug. 19, 2026
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| Bookrunners: | Societe Generale (billing and delivery), DBS Bank Ltd., DZ Bank, ING, LBBW and UBS Investment Bank
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| Coupon: | 3.2087%
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| Price: | Par
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| Yield: | 3.214%
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| Spread: | Mid-swaps plus 29 bps
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| Call features: | Soft bullet
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| Trade date: | Feb. 7
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| Settlement date: | Feb. 19
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| Ratings: | Moody’s: Aaa
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| Fitch: AAA
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| Distribution: | Regulation S
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| Price talk: | Mid-swaps plus 36 bps area
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| ISIN: | XS2761174247
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