DBS has played an instrumental role in helping companies tap equity through initial public offerings (IPOs) on the Singapore Exchange. For the 10-year period from 1999 to 2008, DBS Bank topped the league table for the highest amount raised for IPOs in Singapore, achieving a market share of 17.4% (source: Bloomberg).
DBS Bank is also active in secondary market activities such as share placements and rights issues servicing both multinationals, large corporates as well as small and medium enterprises (SMEs). We have strong relationships with more than 50,000 SMEs in Singapore whom we work with, partnering and advising from inception stages, and in some cases, right up to listing and other post-listing corporate activities.
Equity Capital Markets, together with Debt Capital Markets, was instrumental in the introduction of the Real Estate Investment Trust (REIT) and Business Trust products into the capital markets by successfully completed the first REIT IPO in 2002. To date, we remain the largest underwriter of REIT and Business Trust equity fund raisings in Singapore, and have the largest market share.
Equity Capital Markets
Our Equity Capital Markets team provides innovative equity capital markets solutions to our large corporate and small & medium enterprise (SME) customers. Focusing on initial public offerings (IPOs) and secondary offerings such as placements and rights issues, we have managed many landmark transactions for local and foreign companies.
Being the pioneer in equity capital markets in Singapore, we managed notable IPOs such as Singapore's largest IPO - SingTel (raised approx. SGD 4 billion), Singapore Airlines (raised approx. SGD 500 million), Singapore Post (raised approx. SGD 684 million) and Yangzijiang (raised approx. SGD 944 million). Our IPO clients are across a wide spectrum of industries including Banyan Tree and Genting International (Hospitality/Leisure), Singapore Exchange and ARA Asset Management (Financial Services), SMRT (Transportation), Olam International and Kencana Agri (Commodities/Agriculture), Hyflux (Utilities) and LMA International (Medical/Healthcare).
Capitalising on our in-depth knowledge of the equity markets, we also lead managed/participated in various regional and/or cross jurisdiction offerings including SP Ausnet (dual listing on ASX and SGX), Australand Property Group (dual listing on ASX and SGX), Astro All Asia Networks (listed on Bursa Malaysia), PT Adaro Energy (listed on the Jakarta stock exchange) and San Miguel Brewery (listed on Philippines stock exchange).
Equity Capital Markets, together with Debt Capital Markets, was instrumental in the introduction of the Real Estate Investment Trust (REIT) and Business Trust products into Singapore's capital markets by successfully completing many landmark REIT and Business Trust IPOs across different asset classes and geographies (see Debt Capital Markets - Securitisation/ REITs and Business Trusts).
As the leading equity house in Singapore, we remain committed to our clients for secondary fund raisings. In 2007, we acted as the sole manager and the major underwriter for the SGD 2.2 billion rights issue of Genting International (being awarded the Best Secondary Deal of the Year in Southeast Asia by Alpha (Southeast Asia)), amidst bearish and volatile market conditions. We are also the joint lead manager for DBS Group's fully underwritten SGD 4.1 billion rights issue which closes on 20 January 2009.
In end 2001, we acted as the joint global coordinator for DBS Group's SGD 2.2 billion placement, the largest global placement offering by an ASEAN bank then. Other recent secondary offerings that DBS Bank was involved in included a SGD 345 million share placement of Wilmar International (2006) and a SGD 300 million vendor share placement of Olam International (2007).
In recognition of our track record in equity capital markets transactions, DBS Bank was awarded numerous accolades including:
- The Asset Triple A Asian Awards
2008 - Best Domestic Investment Bank (Singapore)
2007 - Best Domestic Bank, Best Domestic Investment Bank & Best Equity House (Singapore)
- FinanceAsia's Country Awards
2008 - Best Bank, Best Investment Bank & Best Equity House (Singapore)
- FinanceAsia's Achievement Awards
2007 - Best Small-Cap Equity House (Asia, ex-Japan, ex-Australia)
- Best Singapore Deal - Ascendas India Trust's SGD 366 million IPO
- Alpha SEA's Best Financial Institutions in Southeast Asia Awards
2008 - Best Bank, Best Investment Bank & Best Equity House (Singapore)
- Asiamoney's Best Bank Award
2008 - Best Domestic Equity House (Singapore)
2007 - Best Domestic Equity House (Singapore)
For more information about DBS Bank's Equity Capital Markets services, please contact us through fax at +65-6221 8847 or email cmarkets@dbs.com. Alternatively, you can contact:
- Kan Shik Lum, Managing Director and Head (+65-6878 6382)
- Goh Chyan Pit, Managing Director (+65-6878 2085)
- Cheah Le Sa, Managing Director (+65-6878 5344)
- Heng Mui Mui, Senior Vice President (+65-6878 8236)
Debt Capital Markets
The Debt Capital Markets Group provides capital-raising solutions to DBS Bank's corporate and institutional customers through our extensive expertise in local and cross-border debt and structured capital markets solutions.
Fixed Income
DBS Bank is a key player in the Asian debt capital markets having managed
several notable deals of our regional clients. Some of our benchmark debt
issuances include:
- SGD 600 million bond issue for Malayan Banking Berhad - the first ever
Innovative Tier 1 Capital Securities issued by a Malaysian bank out of Singapore
- SGD 600 million bond issue for SP Power Assets - the largest corporate
non-financial issuance in 2008
- SGD 300 million issue for Singapore's Public Utilities Board - longest tenor
paper raised by a statutory board since 2003
- SGD 1.5 billion Hybrid Tier 1 Notes for DBS Bank - the largest SGD bond
issue to date
- RMB 1,158 million convertible bond issue by SPG Land
- USD 450 million and USD 425 million convertible bonds by Genting
International
Securitisation/ REITs and Business Trusts
DBS Bank is a pioneer in the securitisation of real estate in
Singapore. Some of the key securitisation deals that we were involved in
include:
- Largest securitisation in Singapore - Raffles City Property
in 2001 (SGD 985m)
- Securitisation of Capital Square in 2002 (SGD 505m)
- Securitisation of Compass Point in 2002 (SGD 335m)
- Securitisation of Ngee Ann City in 2003 (SGD 560m)
- First Securitisation in Singapore of a commercial property
- Robinson Point (SGD 193m)
- First collaterised mortgage-backed securities (CMBS) in Hong Kong
- Triumph CMBS (HKD 2,385m)
As a result of our active involvement in the securitisation market, DBS Bank
pioneered the Real Estate Investment Trust ("REIT") and Business Trust markets
in Singapore and Asia (ex. Japan). Acting as the sole lead manager and
underwriter, we launched the first REIT in Singapore in 2002 (CapitaMall Trust),
and the first Business Trust in Asia in 2006 (Pacific Shipping Trust). Since
then, DBS Bank has maintained its position as the market leader in the REIT and
Business Trust space, having managed the most number of REIT and Business Trust
Initial Public Offerings (IPO) and secondary fund raisings. To date, we remain
the largest underwriter of REIT and Business Trust equity fund raisings in
Singapore, and have the largest market share.
DBS Bank has an unrivalled track record in the REIT and Business Trust space
with innovative structuring expertise gained from managing key landmark
transactions across different asset classes and geographies, including :
- First REIT in Singapore - CapitaMall Trust (SGD 235m)
- First Cross-Border REIT in Asia - Fortune REIT (HKD 1,042m)
- First Commercial REIT in Singapore - CapitaCommercial Trust
(SGD 2,019m)
- First Hotel REIT in Asia ex Japan - CDL Hospitality Trust
(SGD 353m)
- First China Property REIT - GZI REIT (USD 230m)
- First Thailand Property Fund with International Offering -
CPN Retail Growth Property Fund (USD 265m)
- First Airport Property Fund in the World - Samui Airport
Property Fund
- First Malaysia REIT with International Offering - Starhill
REIT (USD 135m)
- First India Property Trust in Singapore - Ascendas India
Trust (SGD 550m)
- First Business Trust in Asia - Pacific Shipping Trust (USD
100m)
- First Infrastructure Trust in Singapore - CitySpring
Infrastructure Trust (SGD 286m)
- First Water Trust in Singapore - Hyflux Water Trust (SGD
129m)
In addition, DBS Bank is the only bank which has lead-managed REIT and
Business Trust IPOs in Singapore on a sole basis in the IPOs of CapitaMall
Trust, Fortune REIT and Pacific Shipping Trust.
Capitalising on our expertise in the REIT market and relationships with
investors, DBS Bank has advised on some of the largest real estate transactions
in Singapore. Most notably, DBS Bank acted as financial adviser to Raffles
Holdings Limited in the sale of the Raffles City Property to CapitaCommercial
Trust and CapitaMall Trust for SGD 2,194m in 2006 which entailed the unwinding
of the securitisation done in 2001. In 2008, DBS Bank also acted as joint
financial adviser to Jurong Town Corporation in its divestment of its industrial
portfolio for SGD 1.7 billion.
DBS Bank's dominance in the Singapore debt market has earned it numerous
awards including:
- Euromoney Awards for Excellence 2008: Best Debt House (Singapore)
- Alpha SEA's 2008 Best Financial Institutions in South East Asia Awards 2008:
Best Bond House (Singapore)
- Finance Asia Country Awards for Achievement 2008: Best Bond House
(Singapore)
- Asiamoney Awards 2008: Best Debt House
- Finance Asia End of Year Achievement Awards 2005: Best Local Currency Bond
Deal - Hongkong Land's SGD700 million bond
For more information about DBS Bank's Debt Capital Markets Services, please
fax at +65 62256783. Alternatively, you can contact:
- Clifford Lee, Managing Director & Head, Fixed Income (+65 6878 8742)
- Eng-Kwok Seat Moey, Managing Director & Head, Asset-Backed Structured Products (+65 6878 6131)
Mergers & Acquisitions
DBS' Mergers & Acquisitions group ("M&A") assists DBS Bank's corporate clients in originating, structuring and executing a wide range of public and private transactions, including mergers, joint-ventures, acquisitions, divestments, strategic investor buy-ins, corporate restructuring, spin-offs and leveraged/management buyouts in Asia.
M&A has twin hubs for its M&A business in Asia, with Singapore serving as its hub for Southeast Asia, India and the Middle East. From its home base, M&A Singapore also provides support, when necessary, to its Hong Kong hub, which covers North Asia.
M&A works closely with the Institutional Banking Group, which provides client coverage and industry sector knowledge tailored to meet the strategic and business objectives of its clients. M&A also provides sound corporate finance advice and innovative financial solutions to its corporate clients.
M&A is recognised in various independent league tables as a leading financial advisor on mergers, acquisitions, corporate restructuring and privatisations in Asia. In 2008, based on Thomson Reuter's Asian (ex-Japan) M&A league tables, the DBS Group advised on 21 transactions totalling USD 4.98 billion (SGD 7.47 billion).
M&A's roles in some of these transactions included advising:
- Somerset Capital, a subsidiary of CapitaLand, on the privatisation of The Ascott Group;
- Supernova (Cayman), a subsidiary of Citigroup Venture Capital International, on the acquisition of Seksun Corporation;
- Belle International Holdings on the acquisition of Mirabell International Holdings;
- Vega Co, a subsidiary of HSBC Private Equity, on the privatisation of Sing Lun Holdings; and
- JTC Corporation on the divestment of an industrial property portfolio to Mapletree Industrial Trust, a joint venture between Mapletree Investments and Arcapita Bank.
For more information about DBS Bank's M&A services, please contact us through fax at +65-6878 5676 or email at maadvisory@dbs.com. Alternatively, you can contact:
- Singapore: Choe Tse Wei, Managing Director & Head (+65-6878 5026)
- Hong Kong: Yip Wei Mun, Senior Vice President (+852-3668 1111)