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DBS Bank $750 Million 144A Reg S Bond Offering

March 15, 2012144A, Reg Sadmin

DBS Bank $750 Million 144A Reg S Bond Offering

DBS Bank Prices $750 Million Bond Offering In US

NEW YORK – DBS Bank Ltd. completed its $750 million, U.S. dollar-denominated, 10.5-year Lower Tier II bond at 2.6 percentage points over the Treasury rate, according to a person familiar with the transaction.

The 3.625% coupon bond was priced to yield 3.712%.

The bond is callable after 5.5 years, so it is measured over the five-year Treasury rate.

Earlier guidance had indicated a yield of around 2.70 points over Treasurys, which was later revised to a range of 2.575 to 2.675 points.

The Rule 144A Reg S offering is rated Aa2 by Moody’s Investors Service, and A+ by Fitch Ratings and Standard & Poor’s, all with stable outlooks.

Bank of America Merrill Lynch, DBS and Goldman Sachs Group Inc. (GS) are bookrunners on the deal.

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