DCS has closed its largest asset-backed private securitisation facility to date, upsized to S$450 million, with senior notes rated AAA(sf) by Fitch and assigned a Stable Outlook.
The top-tier rating, rare in the credit card industry, reflects the quality of DCS’ receivables portfolio, marked by low charge-offs, strong repayment behaviour, sound governance, and a paid-up capital base of S$75 million.
The transaction was fully placed across all tranches, attracting both local and international investors.
Senior note investors included Manulife, DBS, and Santander CIB, while Apollo, PIMCO, and a North American pension fund subscribed to the subordinated notes.
DBS acted as arranger, and CSC served as trustee and transaction administrator.
DCS said it is exploring future collaborations with additional funders and institutions.
Over the past three years, DCS has expanded across four major card schemes, reaching first-jobbers, telecommuters, high-net-worth individuals, jetsetters, and Web3 communities.
It has also grown its merchant acquiring business, processing large transaction volumes at events such as GastroBeats, and extended Web3 card issuing beyond Singapore into regional markets.
“This milestone of AAA ratings on our senior notes demonstrates the strength and resilience of our receivables. The strong execution and enthusiastic response to this securitisation reflect the expansion of our investor base and growing demand for our card portfolio.
The successful completion of this ABS programme provides ample liquidity to fuel our continued innovation and strategic growth in both traditional finance and the Web3 space.”
said Karen Low, CEO of DCS.
Featured image: Edited by Fintech News Singapore, based on image by vart_dant via Freepik
