Strong demand for DBS US$ bond deal and two other issues

Singapore

IT was a busy Tuesday for the Asian US dollar bond market. Besides the DBS USD Additional Tier 1 Perpetual bond deal, two Chinese issuers also tapped the market and orders for the three exceeded a combined US$16.55 billion.

DBS's USD Additional Tier 1 deal received orders of over US$8 billion, which brought the pricing lower to 3.6 per cent. The initial guidance was around 4 per cent. Issue size is US$750 million.

"DBS's strong credit profile and name recognition, together with fixed income investors search for yield, helped to deliver a final order book of over US$8 billion, an excellent response," s…