DBS places out its first covered bonds from Singapore

Hong Kong

DBS Bank placed the first Singaporean benchmark in offshore covered bonds with a US$1 billion three-year offering, setting the foundation for Asian banks to access international investors during challenging markets.

The long-awaited transaction, flagged as early as eight years ago, finally kicks off a new asset class for Singapore. It also provides pricing guidance for South Korea's first statutory covered bond, which is expected to be issued by Kookmin Bank in the coming months.