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DBS' US$1b perp said to set benchmark for other Asian banks

It's Asia's first US dollar AT1 issue in 2020; coupon of 3.3% is lowest for any AT1 USD issue worldwide

Singapore

DBS' US$1 billion 3.3 per cent perpetual deal sold on Thursday has paved the way for other Asian banks looking to raise AT1 capital, said the bank's head of fixed income, Clifford Lee.

The trailblazer deal was notable for being Asia's first US dollar AT1 issue in 2020,...