No results found for "".

Commentary & Deal Flow

Related Parents

DBS Group Holdings Ltd

Related Issuers

DBS Bank Ltd

by Anastasiia Zaika

Aug 17, 2026 9:16 AM ET

PRICED: DBS Bank Ltd. €2bn 4yr CB; MS+19bp

IGC European Market: Deal Flow - General

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
DBS Bank Ltd	4yr	3.239%	26-Aug-30	€2bn	CB	Fixed	100	3.239%	MS+26a	MS+19	-7

Reoffer: 4yr: MS+19bp / 100 / 3.239%
Benchmark: 4yr: DBR 0 30-Aug-30 @ 89.43 / B+39.9bp / HR 107%

Final book above €3.6bn (incl. €495m JLM). Peak book above €4bn (pre-rec, incl. €495m JLM)

Launched: 4yr: €2bn @ MS+19bp - Books above €3.8bn (incl. €495m JLM)
Spread set at: 4yr: MS+19bp - Books above €4bn (pre-rec, incl. €495m JLM)
Book Update: Books above €2.7bn (incl. €495m JLM)
Guidance: 4yr: MS+26a

Issuer: DBS Bank Ltd. (acting through its registered office in Singapore)
Issuer LEI: ATUEL7OJR5057F2PV266
Covered Bond Guarantor: Bayfront Covered Bonds Pte. Ltd.
Type: Covered Bond backed by Singaporean residential mortgage loans, regulated under MAS Notice 648 pursuant to the Banking Act in Singapore, ECBC Covered Bond Label Compliant
Format: Regulation S, Registered, Global Covered Bond
Expected Ratings: Aaa (Moody's) / AAA (Fitch)
Size: €2bn
Coupon: 3.239% Fixed, Annual, Act/Act (ICMA), Unadjusted
Settlement: 26-Aug-26 (T+7)
Maturity: 26-Aug-30 (4yr) Soft Bullet Maturity
Reoffer: MS+ 19 bps / 3.239% / 100
Benchmark: DBR 0 30-Aug-30 TWIN + 39.9bps (89.43 / HR: 107%)
Denoms: €100k + €1k
Target Market: MiFID II and UK MiFIR product governance: Eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document or UK CCI product summary has been prepared as not available to retail in EEA or the UK
Documentation: Issued under the DBS Bank Ltd. US$20bn Global Covered Bond Programme with Offering Circular dated 13-Mar-26, as supplemented by the Preliminary Pricing Supplement dated 17-Aug-26
ISIN/Common Code: XS3479188222 / 347918822
Listing: SGX-ST
Governing Law: English Law (bond and swap documents) & Singapore law (asset documents)
Joint Lead Managers: DBS Bank Ltd., Crédit Agricole CIB, Helaba, ING (B&D), LBBW, Natixis, NORD/LB
Advertisement: The Offering Circular, any Supplements and Final Terms, when published, are available on the website of the www.sgx.com
Timing: Priced. TOE 15.04 CET / FTT 15.30 CET