On November 24, 2025, Allen & Gledhill advised DBS Bank Ltd. on the establishment of a S$500 million multicurrency medium term note programme. The programme included the issue of S$70 million and S$30 million 5% notes due 2028 by MoneyMax Treasure Pte. Ltd. These notes are guaranteed by MoneyMax Financial Services Ltd. DBS was appointed as the arranger and sole dealer of the programme, as well as the sole dealer for the issue of the notes.
A separate team from Allen & Gledhill advised The Bank of New York Mellon’s Singapore, London, and Dublin branches. The Bank of New York Mellon, Singapore Branch, was appointed trustee of the programme and will handle various tasks such as issuing and paying agent, calculation agent, transfer agent, and registrar for the Central Depository system. The London and Dublin branches were appointed to handle non-Central Depository tasks.
The Allen & Gledhill team advising DBS consisted of Partners Margaret Chin and Sunit Chhabra. Meanwhile, Partner Daselin Ang advised The Bank of New York Mellon’s branches. This deal highlights the involvement of prominent financial institutions and law firms in the establishment of a significant medium term note programme.
The notes issued under this programme have a fixed interest rate of 5% and are due to mature in 2028. The guarantee by MoneyMax Financial Services Ltd provides an additional layer of security for the investors. The appointment of DBS as the arranger and sole dealer, as well as the involvement of The Bank of New York Mellon’s branches, demonstrates the confidence of these institutions in the programme.
The advice provided by Allen & Gledhill to both DBS and The Bank of New York Mellon’s branches showcases the law firm’s expertise in handling complex financial transactions. The firm’s ability to advise on multiple aspects of the deal, from the establishment of the programme to the issue of the notes, highlights its comprehensive capabilities in the financial sector. Overall, this deal represents a significant development in the financial market, with prominent institutions coming together to establish a substantial medium term note programme.