Overview:
- DBS Group Holdings (DBSH) has announced its first US dollar-denominated Basel lll-compliant Additional Tier 1 (AT1) perpetual capital securities offering has reached the target issue size of $750 million.
- This is the first time DBSH has accessed US dollar investors for an AT1 capital offering.
- The securities are to be issued under DBSH's $30 billion GMTN programme.
- Net proceeds from the issue will be used for the finance and treasury activities of DBSH.
- The Securities have been offered to certain non-US investors outside the US in reliance on Regulation S under the US Securities Act of 1993.
- The Securities are expected to be rated A3(hyb) by Moody's Investors Services and BBB by Fitch Ratings.
- The transaction is subject to approval from the Singapore Exchange Securities Trading (SGX-ST).
- DBS Bank is the Sole Global Coordinator.
- Citigroup Global Markets Singapore, DBS Bank, Deutsche Bank, HSBC and Societe Generale are acting as joint bookrunners for the issuance.
- Linklaters (Kevin Wong, Maree Quinn) advised the issuer.
- Clifford Chance (Matt Fairclough, Johannes Juette, Michael Weaver, Kenneth Teo) advised the bookrunners
Wai Yee Tsang - Journalist - Asia-Pacific