DBS Bank (DBS) (AA-/Aa1/AA-) priced a new, three-year Kangaroo covered bond on May 25. Initial price guidance was in the area of 80 basis points over three-month bank bill swap rate (BBSW). According to KangaNews data, the most recent Kangaroo covered bond was issued by Canadian Imperial Bank of Commerce in April. That A$400 million (US$288 million) five-year transaction priced at 110 basis points over BBSW.