Linklaters advises DBS on its US$1.5bn triple-tranche bond issuance

Linklaters has advised DBS Group Holdings Ltd (DBS) on its US$1.5bn triple-tranche senior unsecured bond issuance under its US$30bn Global Medium Term Note (GMTN) Programme.

The offering comprised US$500m fixed-rate notes due 2029, US$500m floating-rate notes due 2029 and US$500m fixed-rate notes due 2031. The notes were offered under Rule 144A and Regulation S and are listed on the Singapore Exchange Securities Trading Limited.

The issuance follows DBS’s recent US$2bn and €2bn covered bond offerings, on which Linklaters also advised, and further demonstrates the bank’s established access to international funding across different products, currencies and maturities. Linklaters also advised DBS on its US$2bn multi-series senior bond issuance in March 2025.

The Linklaters team was led by partner and Head of South and Southeast Asia Capital Markets Amit Singh and Singapore managing partner Jonathan Horan, with support from Alwyn Loy, Ashley Loh and Ailsa Inglis.

Amit Singh, partner and Head of South and Southeast Asia Capital Markets at Linklaters, commented:

“We are delighted to continue supporting DBS across its international funding programme. Pricing a triple-tranche offering of this scale against the current market backdrop is a strong result and demonstrates the bank’s ability to execute across different tenors and interest-rate formats, building on its recent fundraising across the international debt markets. Congratulations to DBS and everyone involved.”

With more than 50 years of on-the-ground experience in Asia, Linklaters combines deep regional knowledge with the strength of its global network to advise clients on their most complex and strategically important transactions.