In brief: DBS Bank priced a A$750m three year floating rate covered bond yesterday (Thursday) at 52bp over three month BBSW after attracting some A$1.2bn of demand.

Leads DBS, CBA, NAB, RBC and Westpac went out with guidance of the 55bp area over three month BBSW for the three year FRN on Wednesday. With orders peaking above A$1.2bn, excluding joint lead manager interest, the spread was revised to 52bp-53bp, will price in range, and the A$750m (S$698m, €460m) deal was yesterday priced at 52bp.

A spokesperson for DBS said that the deal had gone very well, both in terms of the quality of the book and the pricing achieved. He noted that in returning to Aussie dollars, DBS could maintain its senior-covered-Tier 2 curve in the Australian market.