FINANCIAL SERVICES | Staff Reporter, Singapore

DBS' Singapore-dollar perpetual notes booked over $3b

It priced the perpetual securities at 3.98% following hot demand.

DBS has priced its Singapore dollar perpetual NC7 AT1 issue at 3.98%. The rate is payable semi-annually in arrear for the first seven years, then the bank will have the right to recall or redeem the securities in year seven at 12 September 2025.

According to DBS, the issue size of the securities is at $1b. The issue was booked at over $3b by 119 accounts.

About 43% came from institutional investors, 8% came from agencies/banks/corporations, whilst 49% came from private banking clients. Majority of the accounts came from Singapore at 94% whilst 6% came from other locations.

The perpetual securities are part of DBS’ US$30b Global Medium Term Note Programme.

DBS is the issue’s sole lead manager and bookrunner. The issue’s co-managers are Bank of China, CCB Singapore, and ICBC Singapore. 

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