DBS Bank has closed the books on its latest bond deal raising $850 through the issue of 10-year bonds. The bonds carry a coupon of 7.125% and have been priced to yield 195bp over the relevant US Treasury bond. It is the third time in three years that DBS has issued an upper tier 2, 10-year bullet bond.
Bookrunner on the deal was Goldman Sachs, while Morgan Stanley and DBS Bank were co-arrangers. JPMorgan and Merrill Lynch were co-managers on the transaction. Proceeds from the bond deal will be used to pay for DBS Bank's recent acquisition of Dao Heng Bank in Hong Kong. The Singapore bank paid a hefty...
