DBS sets Singapore-dollar perpetual final price guidance at 3.98%

DBS Group Holdings has set its final price guidance for its Singapore-dollar perpetual NC7 AT1 issue at 3.98 per cent, down from the initial price guidance of 4.375 per cent, following sizzling demand.

The deal has garnered orders of over S$4 billion, said a source.

The bond went on sale on Wednesday morning, and orders reached over S$2 billion just before lunch.

"Books have got out of control," said a source on the strong reception.

NC7 means that the bank has the right, but not the obligation to call or redeem the securities in year seven.

The size of the issue is benchmark, and will likely be upsized. Benchmark usually refers to S$500 million.