On 16 October, DBS Bank (DBS) (AA-/Aa1/AA-) began taking indications of interest for a benchmark, Australian dollar denominated, three-year covered-bond deal. The transaction will come in either or both fixed- and floating-rate format and is being marketed at 56 basis points area over swap benchmarks.

Launch is expected in the near future, according to joint lead managers Commonwealth Bank of Australia, DBS, National Australia Bank, RBC Capital Markets and Westpac Institutional Bank. The deal is expected to be rated Aaa/AAA.