Singapore’s DBS buys back some 3.3% notes at 101, 3.1% notes at 100.9

By Susanna Moon

Chicago, Jan. 4 – DBS Group Holdings Ltd. said it will purchase from an investor some of the S$1 billion 3.3% subordinated notes due 2022 callable in 2017 and S$1 billion 3.1% subordinated notes due 2023 callable in 2018, each issued by DBS Bank Ltd.

Under a reverse inquiry from an investor, DBS Group Holdings agreed to purchase S$134.25 million principal amount of the 3.3% notes at a purchase price of 101 and S$491.75 million principal amount of the 3.1% notes at 100.9, according to a company news release.

The company said it received approval from the Monetary Authority of Singapore for the purchases.

Along with the reverse inquiry, DBS Holdings also agreed to issue S$480 million 2.78% senior notes due 2021 to the investor, with settlement set for Jan. 11.

The consolidated capital adequacy position of the company and its subsidiaries will not be affected, the release noted. The amount of notes to be purchased is less than the quantum of tier 2 capital instruments that has been disqualified under the transitional arrangements for recognition of ineligible capital instruments, the company said.

DBS is a Singapore-based financial services group.

© 2015 Prospect News.
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