DBS Group Holdings $750 million AT1 notes issue

Overview:

• DBS Group Holdings (DBSH) has announced its first US dollar-denominated Basel lll-compliant Additional Tier 1 (AT1) perpetual capital securities offering has reached the target issue size of $750 million. 
• This is the first time DBSH has accessed US dollar investors for an AT1 capital offering. 
• The securities are to be issued under DBSH's $30 billion GMTN programme. 
• Net proceeds from the issue will be used for the finance and treasury activities of DBSH.
• The Securities have been offered to certain non-US investors outside the US in reliance on Regulation S under the US Securities Act of 1993.
• The Securities are expected to be rated A3(hyb) by Moody's Investors Services and BBB by Fitch Ratings. 
• The transaction is subject to approval from the Singapore Exchange Securities Trading (SGX-ST).
• DBS Bank is the Sole Global Coordinator.
• Citigroup Global Markets Singapore, DBS Bank, Deutsche Bank, HSBC and Societe Generale are acting as joint bookrunners for the issuance.
• Linklaters (Kevin Wong, Maree Quinn) advised the issuer.
• Clifford Chance (Matt Fairclough, Johannes Juette, Michael Weaver, Kenneth Teo) advised the bookrunners

Wai Yee Tsang - Journalist - Asia-Pacific