Moody’s rates DBS bonds Aaa

Moody’s Investors Service said it gave DBS Bank Ltd.’s €750 million of series 9 mortgage bonds due 2026 an Aaa rating. The notes are being sold under DBS’ $10 billion global covered-bond program.

As of the pool cut-off date on June 9, the total value of the assets included in the cover pool was about S$10.331 billion, comprising 15,935 private residential mortgage loans and unutilized principal receipts. The residential mortgage loans have a weighted-average seasoning of 79 months, a WA remaining term of 232 months and a WA loan-to-value ratio of 51.4%, based on property values as of loan origination, Moody’s said.

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