Chicago, Feb. 20 – DBS Group Holdings Ltd. priced $1 billion of perpetual capital securities (Baa1(hyb)//BBB) with a 3.3% distribution rate and a first call in 2025, according to a notice.
DBS Bank Ltd. was the global coordinator and structuring advisor.
DBS Bank Ltd., Citigroup Global Markets Singapore Ltd., Societe Generale and Wells Fargo Securities International Ltd. worked as joint lead managers.
The securities are expected to qualify as additional tier 1 capital for the group.
DBS may call the securities on Feb. 27, 2025 and any subsequent distribution date, subject to the approval of the Monetary Authority of Singapore.
If not called, the distribution rate will reset to the five-year U.S. dollar Treasury rate plus 191.5 basis points on Feb. 27, 2025 and every five years subsequently.
Proceeds will be used for the finance and treasury activities of DBS Group, including the provision of intercompany loans or other financing to DBS Bank Ltd. and its subsidiaries.
DBS offered the securities from its $30 billion global medium-term note program.
DBS Group is a Singapore-based financial services group.
| Issuer: | DBS Group Holdings Ltd.
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| Issue: | Perpetual capital securities
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| Amount: | $1 billion
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| Maturity: | Perpetual
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| Distribution rate: | 3.3%, steps up to five-year Treasury rate plus 191.5 bps on Feb. 27, 2025
|
| Call: | Feb. 27, 2025 and on any subsequent distribution date
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| Global coordinator: | DBS Bank Ltd.
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| Joint lead managers: | DBS Bank Ltd., Citigroup Global Markets Singapore Ltd., Societe Generale and Wells Fargo Securities International Ltd.
|
| Moody’s: | Baa1 (hyb) (expected)
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| Fitch: BBB (expected)
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| Announcement date: | Feb. 21
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| Settlement date: | Feb. 27
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