Linklaters was pleased to advise DBS Group Holdings Ltd on an offering of US$750m Basel III compliant Additional Tier 1 perpetual capital securities, under its US$30bn Global Medium Term Note Programme.

“This unique and complex transaction was 8.7 times over-subscribed. The strong investor interest enabled the securities to be priced at an initial distribution rate of 3.60% to the benefit of the client,” said Kevin Wong, Partner, Linklaters.

Mr Wong said it was the lowest yield of any U.S. dollar Basel III-compliant AT1 offering globally.

This was DBS Group Holdings Ltd’s first issue of U.S. dollar denominated Basel III compliant Additional Tier 1 perpetual capital securities, and its first Basel III compliant Additional Tier 1 instrument issued outside of the Singapore dollar market.

Mr Wong said the transaction allows DBS Group Holdings Ltd to diversify its investor base.

Linklaters acknowledges the work of capital markets partner Kevin Wong (Singapore) and capital markets managing associate, Maree Quinn (Singapore).

“The deal was a strong demonstration of tailored legal advice to provide a favourable client outcome,” Mr Wong concluded.