Bond Market News

DBS Group Holdings, rated Aa2/AA– (Moody’s/Fitch), successfully completed US$500 million in 5-year floating rate bonds on Tuesday. This was DBS’ debut green bond issue, with the use of proceeds earmarked towards green projects or assets, which are likely to include the funding of Marina Bay Financial Centre Tower 3, previously certified “Green Mark Platinum” by the Building and Construction Authority. The issue was well received by investors, with more than 60% bought by non-Asian accounts, allowing the final price guidance to be tightened meaningfully such that DBS achieved a level inside of its own yield curve.