Fitch rates Dah Sing Bank notes BBB

Fitch Ratings said it assigned an expected rating of BBB to Dah Sing Bank, Ltd.'s proposed Basel III-compliant tier 2 subordinated notes.

The $225 million of notes will be issued under the bank's $2 billion euro medium-term note program.

The notes will have maturity of 10 years and will be callable by the bank after five years, the semi-annually thereafter, Fitch said.

The notes qualify as tier 2 capital as their terms include a point of non-viability that the authorities may trigger at their discretion, the agency explained.

The proceeds will be used to replace existing obligations that will become callable in January 2019, Fitch noted.

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