By William Gullotti
Buffalo, N.Y., Nov. 10 – DBS Bank Ltd. issued £1 billion of floating-rate covered bonds (Aaa//AAA) due 2025, according to a listing notice on Wednesday.
The bonds are a drawdown from the bank’s $10 billion global covered bonds program and will be guaranteed by Bayfront Covered Bonds Pte., Ltd.
The bonds will bear a floating coupon calculated at Sonia plus 100 basis points.
DBS Bank Ltd. is the global coordinator with DBS Bank Ltd., HSBC Bank plc, National Australia Bank Ltd. and RBC Europe Ltd. acting as co-managers.
Proceeds from the Regulation S offering will be used for general business purposes of the bank and its consolidated subsidiaries.
The bonds are expected to be listed on the Singapore Exchange.
The financial services group is based in Singapore.
| Issuer: | DBS Bank Ltd.
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| Guarantor: | Bayfront Covered Bonds Pte., Ltd.
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| Issue: | Floating-rate covered bonds
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| Amount: | £1 billion
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| Maturity: | 2025
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| Co-managers: | DBS Bank Ltd., HSBC Bank plc, National Australia Bank Ltd. and RBC Europe Ltd.
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| Coupon: | Sonia plus 100 bps
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| Pricing date: | Nov. 9
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| Settlement date: | Nov. 17
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| Ratings: | Moody’s: Aaa
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| Fitch: AAA
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| Distribution: | Regulation S
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| ISIN: | XS2406003314
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