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Fitch Rates Dah Sing Bank's Subordinated Notes Final 'BBB'

Fitch Ratings has assigned Hong Kong-based Dah Sing Bank's (DSB; BBB+/Stable) Basel III-compliant Tier-2 subordinated notes a final 'BBB' rating. The USD250m notes will be issued on 30 November 2016 under DSB's USD2bn euro medium-term note programme. The notes will have maturity of 10 years and will be callable by DSB after five years and semi-annually thereafter. The notes will carry a fixed interest rate of 4.25% for the first five years and reset semi-annually thereafter, with the interest rate based on the five-year U.S. Treasury Rate plus 255bp.