P NC 5.25: Redemption: 2027-07-06; Comments: SGD sub (hybrid) PerpNC5.25yr. BBB-. DBS/HSBC/OCBC. IPT Yld 4.65% area, FPG 4.35%. Launch 250m. Distribution Stats: Distribution Rate resets every 5 years from year 5.25 (the “First Reset Date”) onwards to the prevailing 5 year SORA OIS plus Initial Spread plus the Applicable Step-Up Margin of 25bps from year 5.25; additional 75bps from year 25.25 (cumulative 100bps);