Launch Of Global Emerging Markets Collateralised Bond Obligation

DBS Asset Management, is pleased to announce that it has been appointed Investment Advisor to TCW GEM V CBO. The US$285-million TCW GEM V CBO will be backed primarily by emerging markets fixed income cash flows. The fund brings together TCW Asset Management Company, as collateral manager to the fund, and DBS Asset Management, a subsidiary of DBS Bank, as Investment Advisor to the Issuer.

The CBO presents to the market 4 classes of investments: US$203 million Class A-1 floating rate notes which are fully guaranteed by Ambac Assurance Corporation and rated Aaa/AAA by Moody's and S&P respectively, US$6 million of Class A-2 floating rate notes rated Baa2/BBB-, US$25 million Class M fixed rate notes rated Ba2/BB- by Moody's and S&P respectively, and 51 thousand of unrated preference shares. The stated maturity of the notes is 2012 and the preference shares are scheduled to be redeemed in 2012. The deal was sold into the public and private markets in Europe, the United States, and Asia and was well subscribed.

The collateral portfolio consists of no less than 60% of sovereign debt securities, up to 25% of corporate debt securities, and up to 10% of U.S. and European high yield securities. The portfolio is expected to have 73 different issues from 28 different countries. Approximately 60% of the initial portfolio is split evenly between Eastern Europe and Latin America, 21% is from Asia, 12% is from Africa, 5% is from the U.S., and 2% is from the Caribbean.

The portfolio will have a weighted average rating of approximately Ba3/BB- from Moody's and Standard & Poor's.

"DBS Asset Management is committed to introducing a comprehensive range of investment products to both our retail and institutional clients. We are pleased to be collaborating with TCW Asset Management Company in this product. TCW is a reputable portfolio manager whose track record speaks for itself. Through this alliance, we bring to the market a superior product offering excellent returns. This will be the first in a pipeline of such investment products DBS Asset Management is planning to introduce," said Patrick Tan, Managing Director of DBS Asset Management.

Nathan Sandler, senior Emerging Markets portfolio manager at TCW said, "TCW welcomes the significant participation of DBS in TCW GEM V CBO. In this alliance, we are seeking to leverage the unique institutional strengths of our respective organisations to achieve the strongest investment results for the fund. It is our hope that other strategic initiatives will develop from this collaboration."

DBS Asset Management manages Singapore's longest running fixed income fund, the Shenton Income Fund, which has won numerous industry awards. TCW is a U.S. company established in 1971. It presently manages assets of about US$82 billion for its 1,300 clients.

PaineWebber Incorporated is the Structuring Agent and exclusive Placement Agent for the Senior Notes, Mezzanine Notes, and Preference Shares of the CBO.