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DBS establishes US$10b Global Covered Bond Programme

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DBS BANK on Tuesday said it has established a US$10 billion Global Covered Bond Programme, pursuant to which covered bonds may be issued from time to time, for which investors will have recourse to both the issuer and a portfolio of assets through the guarantor, Bayfront Covered Bonds.

DBS BANK on Tuesday said it has established a US$10 billion Global Covered Bond Programme, pursuant to which covered bonds may be issued from time to time, for which investors will have recourse to both the issuer and a portfolio of assets through the guarantor, Bayfront Covered Bonds.

In a statement, DBS said that the covered bonds may be offered to certain non-US investors outside the US and to "qualified institutional buyers" as defined in Rule 144A of the US Securities Act of 1933, as amended, inside the US.

Net proceeds from the issue of each tranche of covered bonds will be used for general business purposes, added DBS.

The group has appointed Barclays Bank (Singapore branch) and DBS as joint arrangers of the programme, and DBS, Barclays Bank (Singapore branch), Citigroup Global Markets, Citigroup Global Markets Singapore, Deutsche Bank (Singapore branch), JPMorgan Securities, Société Générale, and UniCredit Bank as initial dealers of the programme.

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