DBSSP 3.600% Perpetual Corp (USD)

Bond Factsheet

Matured/ Called

DBS Group Holdings Limited

Indicative

Full Lot

Bid Price

100.250

Change in Bid Price

0.208

Bid Yield (%)

Change in Bid Yield

Ask Price

100.250

Change in Ask Price

remove 0.150

Ask Yield (%)

Change in Ask Yield

Indicative price as of 12 Oct 2021, 12:00am

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Bond Information

DBS Group Holdings Limited and its subsidiaries provide a variety of financial services. The Company offers services including mortgage financing, lease and hire purchase financing, nominee and trustee, funds management, corporate advisory and brokerage . DBS Group also acts as the primary dealer in Singapore government securities.

Bond Issuer

DBS Group Holdings Limited

Guarantor

Announcement Date

30 Aug 2016

Issue Date

07 Sep 2016

Maturity Date

Perpetual

Years to Maturity / Next Call

Perpetual / 0.425

Modified Duration

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

3.600

Coupon Type

Variable

Annual Coupon Rate

3.600

Coupon Frequency

Semi Annually

Seniority

Junior Subordinated

Capital Structure

Junior Subordinated

Reference Rate

Reset Rate: 5Y USD Swap Rate + Initial Spread (2.39%)
Reset Date: 07 Sep 2021 and every 5 years thereafter

ISIN

XS1484844656

CUSIP

QZ3079600

Bond Currency

USD

Total Issue Size

Outstanding 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)

***/ BBB+

Shariah Compliant

Exchange Listed

SGX

Bond Feature(s)

Loss Absorption

if 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).

"DBSH Trigger Event" means the earlier of:

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
a decision by the MAS to make a public sector injection of capital, or equivalent support, without which DBSH or DBSH Group would have become non-viable, as determined by the MAS;

Deferral Interest Payment

Distribution Cancellation
- The Issuer may, at its sole discretion, and must in the circumstances set out in Condition 5(c) elect to cancel any Distribution which is otherwise scheduled to be paid on a Distribution Payment Date by giving notice (such notice, a "Distribution Cancellation Notice") of such election to the Securityholders in accordance with Condition 16, the Trustee and the Agents at least 10 Business Days prior to the relevant Distribution Payment Date.

Non-Cumulative
- If a Distribution is not paid in accordance with Condition 5(a), 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.

Dividend Stopper
- payment of Distributions scheduled to be made on such date is not made by reason of this Condition 5, the Issuer shall not:
  1. declare or pay any dividends or other distributions in respect of its Junior Obligations (or contribute any moneys to a sinking fund for the payment of any dividends or other distributions in respect of any such Junior Obligations);
  2. declare or pay, or permit any subsidiary of the Issuer to declare or pay, any dividends or other distributions in respect of its Additional Tier 1 Capital Securities the terms of which provide that making payments of dividends or other distributions in respect thereof are fully at the discretion of the Issuer (or contribute any moneys to a sinking fund for the payment of any dividends or other distributions in respect of any such Additional Tier 1 Capital Securities); and
  3. redeem, reduce, cancel, buy-back or acquire any of its Additional Tier 1 Capital Securities or its Junior Obligations or permit any subsidiary 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 moneys to a sinking fund for the redemption, capital reduction, buy-back or acquisition of any such Additional Tier 1 Capital Securities or Junior Obligations)

Issuer Call

Optional Redemption Date = 7 September 2021 and each distribution payment date thereafter

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