Corporate digest
Add BT as a preferred sourceDBS Group Holdings
DBS Group Holdings has priced its issue of US$750 million perpetual securities at 3.6 per cent. The securities, expected to be issued on Sept 7, were 8.7 times subscribed, with an order book close to US$6.5 billion. The distribution rate of 3.6 per cent a year will be reset on Sept 7, 2021, and every five years thereafter to a rate equal to the prevailing five-year US dollar swap rate, plus 2.39 per cent, DBS said. The bank has the sole discretion to cancel any distribution on the securities, with unpaid distributions being non-cumulative.
The securities may be redeemed at the option of DBS in whole, but not in part, on Sept 7, 2021, or on any distribution payment date thereafter, subject to the prior approval of the Monetary Authority of Singapore.
