DBS Bank, Together With Standard Chartered, Launches SMRT's Inaugural Singapore Bond

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First Tranche Of S$250 Million Matures In Three Years With A Coupon Of 2.87%

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Second Tranche Of S$250 Million Matures In Five Years With A Coupon Of 3.41%

SINGAPORE, NOV. 16 - DBS Bank said today that it has, together with Standard Chartered, launched SMRT Corporation Ltd's ("SMRT") inaugural SGD 500 million bond issue comprising two tranches.

The first tranche of S$250 million with a maturity of three years carries a coupon of 2.87% per annum, while the second S$250 million tranche matures in five years with a coupon of 3.41% per annum. This debut SMRT bond issue is jointly lead-managed by The Development Bank of Singapore Ltd ("DBS Bank") and Standard Chartered Bank.

"We are delighted to joint lead-manage the debut issue of SMRT. SMRT is a well-recognised brand name standing for consistency and performance. It has strong financials and extremely high credit quality," said Stephen Finch, Managing Director of Debt Capital Markets, DBS Bank.

He added: "Many of our customers are looking to move their liquid assets into higher-yielding and low-risk investments. We believe this issue is an ideal opportunity for them."

"The interest shown by the investors has been very strong which further testifies to the credentials of SMRT. SMRT has managed to take advantage of the current low interest rate environment to lock up cheap long-term funds" said Brad Levitt, Head of Asian Fixed Income, Stanchart.

DBS Group Holdings Ltd is the holding company of DBS Bank and is the largest banking group in Southeast Asia. Ranked among the top banks in Asia, DBS Bank is a recognised leader in Internet banking and e-commerce. Beyond Singapore, DBS Group serves corporate, institutional and retail customers through subsidiaries and associated companies in Hong Kong, The Philippines, Indonesia and Thailand, and international banking services through a network of overseas branches and offices. With its acquisition of Dao Heng Bank in June, 2001, DBS is the fourth largest bank in Hong Kong by assets.

Standard Chartered is a London-based, international bank focused on the emerging markets of Asia, Africa, the Middle East and Latin America. It has significant operations in Singapore, Hong Kong, Malaysia, Thailand, India, Pakistan, the United Arab Emirates and in sub-Saharan Africa. Key businesses are Consumer Banking - primarily credit cards, mortgages, personal loans and wealth management - and Wholesale Banking, where the Bank specialises in the provision of cash management, trade finance, treasury and custody services. The Group has a network of over 500 offices in 52 countries and assets of approximately US$90 billion. With a presence in Asia and Africa that goes back nearly 150 years, Standard Chartered has an in-depth understanding of, and a long-term commitment to, the emerging markets.