DBS is considering selling preference shares to retail investors after successfully raising a $1.7b 4.7% NCPS from insti investors. The Tier-1 NCPS are perpetual but may be redeemed on or after Oct 2020 & will be used to refinance the older $1.1b 6% NCPS, which is callable in May next year. Private bank clients took 79& of the issue with 10% going to insurance companies, 6% to fund mgrs & remainder to corporates & other banks.
Details of the retail tranche have not been worked out yet, but it could be sold at a min $10k.
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