DBS Bank closed an aggressively priced $1 billion five-year bond early yesterday morning. The Singapore lender tapped US investors for the first time, making it one of the few local borrowers aside from Temasek to target that investor base. US investors took up close to half of the deal and helped drive pricing tighter.
Bank of America Merrill Lynch, DBS and Goldman Sachs were joint bookrunners.
The deal attracted an order book of $1.9 billion from 118 accounts. The bonds priced at Treasuries plus 145bp compared to the Treasuries plus 150bp initial guidance and came inside its secondary bonds on a curve-adjusted basis. The coupon was fixed...
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