Bond Factsheet
DBSSP 4.520% 11Dec2028 Corp (USD)
DBS Group Holdings Limited
Indicative
Full Lot
Bid Price 100.000
Change in Bid Price 0.006
Bid Yield (%) -
Change in Bid Yield
-
Ask Price 100.000
Change in Ask Price 0.005
Ask Yield (%) -
Change in Ask Yield
-
Indicative price as of 11 Dec 2023, 12:00am
Bond Issuer
DBS Group Holdings Limited
Guarantor
-
Announcement Date
04 Jun 2018
Issue Date
11 Jun 2018
Maturity Date
11 Dec 2028
Years to Maturity / Next Call
2.185 / -
Modified Duration
-
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
4.520
Coupon Type
Variable
Annual Coupon Rate
4.520
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Subordinated
Reference Rate
Reset Date: Year 5.5 (11 Dec 2023)
Reset Rate: 5Y USD Swap + Initial Spread (1.590%)
ISIN
US24023NAA00
CUSIP
24023NAA0
Bond Currency
USD
Total Issue Size
750,000,000
Min. Investment Quantity (Nominal)
USD 200,000
Incremental Quantity (Nominal)
USD 1,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ AA-
Bond Credit Rating (S&P/ Fitch)
***/ A
Shariah Compliant
No
Exchange Listed
SGX
Loss Absorption
If Write-off is specified as being applicable for the Loss Absorption Option in the applicable Pricing Supplement for any DBSH Subordinated Notes 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 Subordinated Notes, reduce the principal amount and cancel any accrued but unpaid interest of each DBSH Subordinated Note (in whole or in part) by an amount equal to the DBSH Trigger Event Write-off Amount per DBSH Subordinated Note (a DBSH Write-off, and Written-off shall be construed accordingly). Once any principal or interest under a DBSH Subordinated Note 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 Noteholder may exercise, claim or plead any right to any DBSH Trigger Event Write-off Amount, and each Noteholder 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 6(b) shall not constitute a Default.
DBS Bank Trigger Event means the earlier of:
(A) the MAS notifying DBS Bank in writing that it is of the opinion that a write-off or conversion, is necessary, without which the DBS Bank Group 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 the DBS Bank Group or the DBSH Group would have become non-viable, as determined by the MAS;
DBS Bank Trigger Event Write-off Amount means the amount of interest and/or principal to be Written-off as the MAS may direct, or as DBS Bank shall determine in accordance with the MAS, which is required to be Written-off for the DBS Bank Trigger Event to cease to continue. For the avoidance of doubt, the write-off will be effected in full even in the event that the amount written-off is not sufficient for the DBS Bank Trigger Event to cease to continue.
Issuer Call
Redemption for Change of Qualification Event in respect of DBSH Subordinated Notes
Subject to Condition 5(k), if as a result of a change to the relevant requirements issued by the MAS in relation to:
(A) the qualification of any DBSH Subordinated Notes as DBSH Tier 2 Capital Securities;
or
(B) the inclusion of any DBSH Subordinated Notes in the calculation of the capital adequacy ratio, in each case of (x) DBSH, on an unconsolidated basis, or (y) the DBSH Group, on a consolidated basis (DBSH Eligible Capital), which change or amendment:
(I) becomes, or would become, effective on or after the Issue Date; or
(II) in the case of a change to the relevant requirements issued by the MAS, if such change is issued by the MAS, on or after the Issue Date, the relevant DBSH Subordinated Notes (in whole or in part) would not qualify as DBSH Eligible Capital (a DBSH Change of Qualification Event), then DBSH may, having given not less than 30 but not more than 60 days' prior written notice to the Noteholders in accordance with Condition 16 (which notice shall be irrevocable), redeem in accordance with these Conditions at any time all, but not some only, of the relevant DBSH Subordinated Notes, at their Early Redemption Amount or, if no Early Redemption Amount is specified hereon, at their nominal amount together with interest accrued but unpaid (if any) to (but excluding) the date of redemption in accordance with these Conditions.
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