New York, Sept. 5 – DBS Group Holdings Ltd. priced S$1 billion of perpetual capital securities with a 3.98% distribution rate and a first call in 2025, according to a notice.
DBS Bank Ltd. was sole lead manager.
The securities are intended to qualify as additional tier 1 capital.
Distributions may be canceled and unpaid distributions are non-cumulative.
DBS may call the securities on Sept. 12, 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 seven-year SGD swap offer rate plus 165 basis points on Sept. 12, 2025 and every seven 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: | S$1 billion
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| Maturity: | Perpetual
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| Distribution rate: | 3.98%, steps up to seven-year SGD swap offer rate plus 165 bps on Sept. 12, 2025
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| Call: | Sept. 12, 2025 and on any subsequent distribution date
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| Lead manager: | DBS Bank Ltd.
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| Co-managers: | Bank of China Ltd., Singapore Branch, China Construction Bank Corp., Singapore Branch and Industrial and Commercial Bank Ltd., Singapore Branch
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| Ratings: | Moody’s: Baa1 (hyb) (expected)
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| Fitch: BBB (expected)
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| Announcement date: | Sept. 5
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| Settlement date: | Sept. 12
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| Distribution: | Regulation S
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