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DBS opens books for first Singapore's covered bond

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DBS Bank began marketing Singapore's first offering of US dollar benchmark covered bonds of three years at an initial price guidance of around 40bp over mid-swaps.

[HONG KONG] DBS Bank began marketing Singapore's first offering of US dollar benchmark covered bonds of three years at an initial price guidance of around 40bp over mid-swaps.

Bayfront Covered Bonds will guarantee the 144A/Reg S issue, expected to score ratings of Aaa from Moody's and AAA from Fitch.

DBS is the first issuer in Singapore to set up a covered bond programme after the local regulator tied up final changes to the rules related to the instrument. It is also the first issuer from South-East Asia to sell covered bonds in the offshore market.

Last month, DBS met investors in Asia, Europe and the US to introduce its newly established US$10 billion global covered bond programme, which has expected ratings of Aaa from Moody's and AAA from Fitch.

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The Singapore lender has mandated itself, Deutsche Bank, JP Morgan and Societe Generale as joint global coordinators for the debut covered bonds.

Barclays and Citigroup are bookrunners.

REUTERS

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