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DBS prices US$750m senior unsecured notes due 2022 at 2.85%

DBS Group Holdings has priced US$750 million of three-year senior unsecured notes at a coupon of 2.85 per cent under its US$30 billion global medium term note programme, the bank announced on Wednesday.

The notes, which are sold at 99.946 per cent of the principal amount, will mature on April 16, 2022, according to a term sheet. The issue yield is 2.869 per cent.

The order book for the deal has recorded over US$2.2 billion from 140 accounts. According to DBS, about 47 per cent of the offering went to North America investors, Asia-Pacific investors took 39 per cent and investors from Europe, the Middle East and Africa took up 14 per cent. Fund managers took up 50 per cent of the demand, followed by insurance and pension funds with 20 per cent, banks took up 18 per cent, official institutes took up 8 per cent, and private banks took up 4 per cent.

The bonds are sold under Rule 144A within the United States, and under Regulation S elsewhere in the world.

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The net proceeds will be used for general purposes of DBS, finance and treasury activities, including the provision of inter-company loans or other forms of financing to the bank and its subsidiaries.

The joint bookrunners for the deal are DBS Bank, Barclays, JP Morgan, RBC Capital Markets, Societe Generale, and Wells Fargo Securities.