DBS seizes euro covered window

摘要

Dbs bank made its debut in the euro covered bond market last week, squeezing into a tight window to complete an issuance it had originally aimed for last year. Singapore's biggest bank priced a €750m seven-year issue, Asia's first covered bonds of 2017, at mid-swaps plus 15bp, tightening 2bp from initial guidance. This also marked a debut for DBS in euros under the covered format, as well as Singapore's first euro covered bonds since UOB's issue last March. DBS had met European investors last September, but a period of rates volatility, particularly after the US elections in November, resulted in a delay. That led to some criticism from bankers and investors, who usually expect covered bond deals to proceed once announced as the instrument is so resilient.