DBS Group prices $1.4b issue at 3.3%

The deal is said to bear the lowest coupon for any AT1 USD deal in the world.

DBS Group Holding’s has priced its $1.4b (US$1b) perpetual capital securities at 3.3%, the company announced in an SGX filing.

The deal bears the lowest coupon for any AT1 USD deal done in the world on record, according to DBS. The securities are expected to be issued on 27 February 2020.

The proceeds from the issues will be used for the finance and treasury activities of DBS Holdings, including the provision of intercompany loans to DBS bank and its other subsidiaries.

The company also said that the securities have been offered to certain non-US investors outside the United States.

DBS Bank served as the sole global coordinator and structuring advisor whilst DBS Bank,Citigroup Global Markets Singapore, Société Générale, and Wells Fargo Securities International served as joint lead managers.

The securities may be redeemed on 27 February 2025 or any distribution date afterwards.