By Paul A. Harris
St. Louis, May 25 - Hong Kong-based Dah Sing Bank Ltd. priced a $150 million issue of 10-year lower tier 2 subordinated notes (//BBB+) at 99.87 with a coupon of three-month Libor plus 75 basis points on Thursday, according to a market source.
The guidance was Libor plus 78 basis points.
HSBC was the lead manager.
The notes become callable on June 3, 2011. The coupon steps up by 100 basis points if the notes are not called at that time.
| Issuer: | Dah Sing Bank Ltd.
|
| Amount: | $150 million
|
| Maturity: | June 3, 2016
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| Security description: | Lower tier 2 subordinated notes
|
| Coupon: | Three-month Libor plus 75 bps
|
| Price: | 99.87
|
| Call date: | Callable on June 3, 2011 (coupon steps up 100 bps if not called)
|
| Lead manager: | HSBC
|
| Trade date: | May 25
|
| Settlement date: | June 2
|
| Rating: | Fitch: BBB+
|
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