First DBS Basel-III securities achieve $800m target

DBS Group Holdings' first Basel III issue - non-cumulative, non-convertible perpetual capital securities callable in 2019 - has achieved the target issue size of $800 million.

Strong interest enabled the issue to be priced at an initial distribution rate of 4.7 per cent, the lower end of the tender range, the bank said yesterday.

The perpetuals were offered in exchange via a tender for an outstanding $1.7 billion 4.7 per cent preference shares issued in 2010.