Take my money: Investors go gaga over DBS’ US$1.25b notes

Its order book now exceeds US$3b.

Potential investors seem only too eager to lend to DBS. The bank announced today that it has successfully priced the issue of USD 750 million fixed rate senior notes and USD 500 million floating rate senior notes, which are all due in 2019.

The notes are under DBS Bank Ltd. and DBS Group Holdings Ltd’s USD 15 billion Global Medium Term Note Programme, and net proceeds will be used for various finance and treasury activities, including the provision of intercompany loans (or other forms of financing) to DBS Bank Ltd. and its subsidiaries.

According to DBS: “The issue of the Notes attracted strong interest, with a combined order book exceeding USD 3 billion, or over two times subscribed, and was comprised of mainly real money accounts.”

Here’s more from DBS:

The Fixed Rate Notes will bear a semi-annual fixed coupon of 2.246% and the Floating Rate Notes will bear a quarterly coupon of 3-month USD LIBOR + 0.50%. The settlement date of both series of the Notes is expected to be 16 July 2014.

DBS Group Holdings Ltd has mandated DBS as Sole Global Coordinator and Joint Bookrunner, and Citi, Deutsche Bank and Goldman Sachs as Joint Bookrunners for the issuance of the Notes.

The Notes have been offered to certain non-U.S. investors outside the United States and to “qualified institutional buyers” as defined in Rule 144A under the Securities Act inside the United States.

The Notes are expected to be rated Aa2 by Moody's Investors Services Inc. and AA- by Fitch Ratings Ltd.

Application will be made to the Singapore Exchange Securities Trading Limited (the “SGX-ST”) for the listing and quotation of the Notes on the SGX-ST.

There is no guarantee that an application to the SGX-ST will be approved. Admission of the Notes to the Official List of the SGX-ST is not to be taken as an indication of the merits of DBS Group Holdings Limited, the Programme or the Notes.

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