DBS Holdings completed the tightest additional Tier 1 AT1 capital deal on record on Tuesday with a $750 million transaction that also marks its first dollar-denominated transaction in the sector.
However, the record breaking pricing failed to deter investors, with the order book peaking at $8 billion before settling back down to $6.5 billion after price guidance was revised.
The combination of the continuing low interest rate environment, Singapore's credit fundamentals and a scarcity of paper from the Lion City all contributed to the deal's success.
As one syndicate banker commented This was a very big draw for institutional investors who cannot...
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