DBS tier one tender hits size and price targets
DBS Group Holdings launched its first Basel III compliant tier one issue at the bottom of the target range after holders of S$1.1bn ($878m) of its old-style tier ones responded to a tender offer.
The Singapore-based bank had set a price range of 4.7%-4.9% for the new perpetual non-call 5.5 deal at the start of the tender process on November 7.
Holders of the issuer’s S$1.7bn 4.7% old-style perpetuals were invited to tender for exchange, with DBS targeting a S$800m size for
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