DBS Bank $1 billion 1.625% covered bond issue

Overview:

• DBS Bank issued $1 billion 1.625% covered bonds due 2018 in the first series off its $10 billion global covered bond programme.
• This is the first ever covered bond programme issued by a Singapore-incorporated bank and also the first in the Singapore market.
• The programme engaged a hybrid structure which allows the sale of loans and mortgages into the cover pool by way of equitable assignment to the covered bond guarantor (CBG).
• Bayfront acted as the covered bond guarantor. 

Wai Yee Tsang - Journalist - Asia Pacific