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DBS Group to issue US$750M of subordinated notes

DBS Group Holdings Ltd. plans to issue US$750 million of subordinated notes.

The notes were priced with a coupon of 4.52% per year and are due 2028. If the notes are not redeemed on Dec. 11, 2023, the interest rate from that date will be reset to a fixed rate equal to 1.59% over the prevailing five-year U.S. dollar mid-swap rate per year.

The group expects to issue the notes on June 11 under its US$30 billion global medium-term note program.

The net proceeds from the issuance will be used for the group's finance and treasury activities, including the provision of intercompany loans to unit DBS Bank Ltd. and its subsidiaries.

DBS Bank is the sole global coordinator and a joint lead manager for the issuance. Citigroup Global Markets Inc., RBC Capital Markets LLC and Wells Fargo Securities LLC are also joint lead managers.