By Mary-Katherine Stinson
Lexington, Ky., March 13 – DBS Bank Ltd. acting through its registered office in Singapore sold $900 million floating-rate covered bonds, series 14, due March 10, 2026 guaranteed by Bayfront Covered Bonds Pte. Ltd., according to a pricing supplement.
The bonds sold at par and will bear interest at SOFR plus 65 basis points.
They are non-callable.
There are provisions for a one-year extension of the due date for payment to March 10, 2027. If the issuer does not pay the amount due on the maturity date, there will be an automatic one-year extension.
Merrill Lynch (Singapore) Pte. Ltd. is the dealer for the non-syndicated Regulation S global covered bond issue.
Listing of the notes will be on the Singapore Exchange.
DBS Bank is based in Singapore.
| Issuer: | DBS Bank Ltd.
|
| Guarantor: | Bayfront Covered Bonds Pte. Ltd.
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| Amount: | $900 million
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| Issue: | Floating-rate covered bonds, series 14
|
| Maturity: | March 10, 2026
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| Dealer: | Merrill Lynch (Singapore) Pte. Ltd.
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| Coupon: | SOFR plus 65 bps
|
| Price: | Par
|
| Call features: | Non-callable
|
| Trade date: | March 1
|
| Settlement date: | March 10
|
| Distribution: | Regulation S
|
| ISIN: | XS2595832507
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