DBS launched Singapore’s first covered bond today (Wednesday), opening books for a 144A US dollar three year issue with initial price thoughts of 40bp over mid-swaps, attracting $600m of orders from Asian accounts at the last update.

The deal is the inaugural covered bond issue from Singapore, following the completion of amendments to the jurisdiction’s covered bond framework on 4 June. The Monetary Authority of Singapore had first published a covered bond notice on the last day of 2013.

The 144A US dollar benchmark three year issue – managed by global coordinators Deutsche Bank, DBS, JP Morgan and SG and book runners Barclays and Citi – was launched with initial price thoughts of 40bp over mid-swaps upon the opening of the Asian market this morning.

Asian order books were in excess of $600m (Eu542m, SGD820m) when books were opened in Europe, according to the most recent update when The CBR went to press.

A syndicate official at one of the global coordinators said the execution would be completed today, but that guidance would not be set until the US market opens later today.

“It’s already going really well,” he said.

The deal follows a global roadshow promoting DBS’s $10bn covered bond programme that visited Singapore, Hong Kong, the US and Europe, ending on 3 July.

In June, DBS became the first issuer to be granted a non-European Economic Area Label by The Covered Bond Label Foundation.