By Marisa Wong and Cristal Cody
Los Angeles, March 11 – DBS Bank Ltd., acting through its registered office in Singapore, priced $1.5 billion of 2 3/8% fixed-rate covered notes due March 17, 2027 at 99.789, according to a notice.
Bayfront Covered Bonds Pte. Ltd. is the guarantor.
The bonds priced on Thursday at SOFR mid-swaps plus 65 basis points versus initial price talk in the SOFR mid-swaps plus 68 bps area, according to a market source.
J.P. Morgan Securities plc, DBS Bank Ltd., Barclays, ING, RBC Capital Markets, Societe Generale and Wells Fargo are the managers.
The notes will be listed on the Singapore Exchange.
DBS is a financial services group based in Singapore.
| Issuer: | DBS Bank Ltd.
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| Guarantor: | Bayfront Covered Bonds Pte. Ltd.
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| Amount: | $1.5 billion
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| Issue: | Fixed-rate covered notes
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| Maturity: | March 17, 2027
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| Managers: | J.P. Morgan Securities plc, DBS Bank Ltd., Barclays, ING, RBC Capital Markets, Societe Generale and Wells Fargo
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| Coupon: | 2 3/8%
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| Price: | 99.789
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| Spread: | SOFR mid-swaps plus 65 bps, or Treasuries plus 47.2 bps
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| Pricing date: | March 10
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| Price talk: | SOFR mid-swaps plus 68 bps area
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| Listing: | Singapore
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