MARKETS | Tony Chua, Singapore

DBS beefs up debt issuance program to $15bn

The $5bn update seen to boost the program whose preceeds will be used to fund the bank’s general business.

DBS Group Holdings Ltd. said Tuesday it has expanded the size of a debt issuance program to US$15 billion from US$10 billion.

In a statement, the bank--Southeast Asia's largest lender by assets--said it has updated its US$10 billion debt issuance program into a US$15 billion global medium-term note program, through which it may issue bonds to certain non-U.S. investors and "qualified institutional buyers" in the U.S.

Net proceeds will be used to fund general business purposes of the bank and its subsidiaries, it added, according to a report in Fox Business.

DBS, Bank of America Merrill Lynch, and Goldman Sachs are the joint arrangers and dealers for the program.

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