DBS appoints Linklaters as adviser on its US$750 perpetual capital securities offering

The deal enables DBS to diversify investor base.

DBS Group Holdings Limited assigned the London-headquartered global law firm, Linklaters, to be the legal adviser on its debut offering of US$750 million Basel III compliant Additional Tier 1 perpetual capital securities.

According to a release by Linklaters, this is DBS’ first issue of US dollar denominated perpetual capital securities and the first Basel III compliant Additional Tier 1 issued outside the Singapore dollar market.

“This unique and complex transaction was 8.7 times over-subscribed. The strong investor interest enabled the securities to be priced at an initial distribution rate of 3.60% to the benefit of the client,” said Kevin Wong, partner, Linklaters.

It was the lowest yield of any U.S. dollar Basel III-compliant AT1 offering globally.

The transaction will allow DBS to diversify its investor base, said Wong.

“The deal was a strong demonstration of tailored legal advice to provide a favourable client outcome,” Wong added.

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