Bond Factsheet
DBSSP 3.980% Perpetual Corp (SGD)
DBS Group Holdings Limited
Indicative
Full Lot
Bid Price 99.996
Change in Bid Price 0.001
Bid Yield (%) -
Change in Bid Yield
-
Ask Price 100.021
Change in Ask Price 0.024
Ask Yield (%) -
Change in Ask Yield
-
Indicative price as of 12 Sep 2025, 12:00am
Bond Issuer
DBS Group Holdings Limited
Guarantor
-
Announcement Date
05 Sep 2018
Issue Date
12 Sep 2018
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 0.393
Modified Duration
-
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
3.980
Coupon Type
Variable
Annual Coupon Rate
3.980
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Junior Subordinated
Reference Rate
Reset Date: 12 Sep 2025 and every 7 years thereafter
Reset Rate: Prevailing 7-year Singapore Dollar Swap Offer Rate + the Initial Spread (1.650%)
ISIN
SGXF11720293
CUSIP
AU4092873
Bond Currency
SGD
Total Issue Size
1,000,000,000
Min. Investment Quantity (Nominal)
SGD 250,000
Incremental Quantity (Nominal)
SGD 250,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ AA-
Bond Credit Rating (S&P/ Fitch)
***/ BBB+
Shariah Compliant
No
Exchange Listed
SGX
Loss Absorption
Loss Absorption upon a DBSH Trigger Event in respect of DBSH Perpetual Capital Securities:
(i) DBSH Write-off on a DBSH Trigger Event:
(A) If Write-off is specified as being applicable for the Loss Absorption Option in the applicable Pricing Supplement for any DBSH Perpetual Capital Securities and a DBSH Trigger Event occurs DBSH shall, upon the issue of a DBSH Trigger Event Notice, irrevocably and without the need for the consent of the Trustee or the holders of any DBSH Perpetual Capital Securities, reduce the principal amount and cancel any accrued but unpaid Distribution of each DBSH Perpetual Capital Security (in whole or in part) by an amount equal to the DBSH Trigger Event Write-off Amount per DBSH Perpetual Capital Security (a DBSH Write-off, and Written-off shall be construed accordingly). Once any principal or Distribution under a DBSH Perpetual Capital Security has been Written-off, it will be extinguished and will not be restored in any circumstances, including where the relevant DBSH Trigger Event ceases to continue. No Securityholder may exercise, claim or plead any right to any DBSH Trigger Event Write-off Amount, and each Securityholder shall be deemed to have waived all such rights to such DBSH Trigger Event Write-off Amount. For the avoidance of doubt, any DBSH Write-off in accordance with this Condition 7(b) shall not constitute a Default.
(B) If a DBSH Trigger Event Notice has been given in respect of any DBSH Perpetual Capital Securities in accordance with this Condition 7(b), transfers of any such DBSH Perpetual Capital Securities that are the subject of such notice shall not be permitted during the Suspension Period (as defined in Condition 2). From the date on which a DBSH Trigger Event Notice in respect of any DBSH Perpetual Capital Securities in accordance with this Condition 7(b) is issued by DBSH to the end of the Suspension Period, the Trustee and the Registrar, if applicable, shall not register any attempted transfer of any DBSH Perpetual Capital Securities. As a result, such an attempted transfer will not be effective.
(C) Any reference in these Conditions to principal in respect of the DBSH Perpetual Capital Securities shall refer to the principal amount of the DBSH Perpetual Capital Security(ies), reduced by any applicable DBSH Write-off(s).
In this Condition 7(b):
DBSH Common Equity Tier 1 Capital means:
(A) any security issued by DBSH; or
(B) any other similar obligation issued by any subsidiary of DBSH, that, in each case, constitutes Common Equity Tier 1 Capital of:
(x) DBSH, on an unconsolidated basis;
(y) the DBSH Group, on a consolidated basis,
pursuant to the relevant requirements set out in (I) (on the basis that DBSH is subject to the application of MAS Notice 637) MAS Notice 637 or (II) any notice issued by the MAS in respect of Designated Financial Holding Companies that is analogous to MAS Notice 637;
DBSH Loss Absorption Option means such loss absorption option as may be specified in the applicable Pricing Supplement in respect of any DBSH Perpetual Capital Securities;
DBSH Trigger Event means the earlier of:
(A) the MAS notifying DBSH in writing that it is of the opinion that a write-off or conversion, is necessary, without which DBSH or the DBSH Group would become non-viable; and (B) a decision by the MAS to make a public sector injection of capital, or equivalent support, without which DBSH or the DBSH Group would have become non-viable, as determined by the MAS;
Deferral Interest Payment
If a Distribution is not paid in accordance with Condition 5(a) and/or Condition 5(b), the Issuer is not under any obligation to pay that or any other Distributions that have not been paid. Such unpaid Distributions are non-cumulative and do not accrue interest. There is no limit on the number of times or the extent of the amount with respect to which the Issuer can elect not to pay Distributions pursuant to this Condition 5.
Distribution Stopper
If Distribution Stopper is specified as being applicable in the applicable Pricing Supplement and on any Distribution Payment Date, payment of Distributions scheduled to be made on such date is not made by reason of this Condition 5, the Issuer shall not:
(i) declare or pay any dividends or distributions in respect of its Junior Obligations (or contribute any monies to a sinking fund for the payment of any dividends or distributions in respect of any such Junior Obligations);
(ii) declare or pay, or permit any subsidiary (where relevant) of the Issuer to declare or pay, any dividends or distributions in respect of its Additional Tier 1 Capital Securities the terms of which provide that making payments of dividends or distributions in respect thereof are fully at the discretion of the Issuer (or contribute any monies to a sinking fund for the payment of any dividends or distributions in respect of any such Additional Tier 1 Capital Securities); and
(iii) redeem, reduce, cancel, buy-back or acquire any of its Additional Tier 1 Capital Securities or its Junior Obligations or permit any subsidiary (where relevant) of the Issuer to redeem, reduce, cancel, buy-back or acquire any of its Additional Tier 1 Capital Securities or its Junior Obligations (or contribute any monies to a sinking fund for the redemption, capital reduction, buy-back or acquisition of any such Additional Tier 1 Capital Securities or Junior Obligations), in each case, until (w) a redemption of all the outstanding Perpetual Capital Securities has occurred; (x) the outstanding Perpetual Capital Securities has been Written-off in its entirety; (y) the next two scheduled Distributions has been paid in full (or an amount equivalent to the next two scheduled Distribution has been paid, or irrevocably set aside in a separately designated trust account for payment to the Securityholders); or (z) the Issuer is permitted to do so by an Extraordinary Resolution (as defined in the Trust Deed).
Issuer Call
Callable on 12 Sep 2025 and every 6 months thereafter.
Bondsupermart strives to ensure the accuracy and relevance of the information provided here. If the information is not up-to-date or erroneous, we appreciate feedback to keep it accurate.
