DAH Sing Bank has christened its new certificate of deposit (CD) facility with a $500 million five-year issue of floating rate certificates of deposit (FRCDs), according to HSBC Markets. Andrew Ferguson, HSBC Markets' deputy managing director for new issues, said Dah Sing had issued the CDs at 70 basis points (0.7 percentage points) over the one-month Hong Kong interbank offered rate. Issue price was at par. Top investors in the FRCDs received 80 basis points in fees (0.8 percentage point), translating to an all-in yield of 86 basis points (0.86 percentage point). Co-lead managers and managers received all-in yields of 84.5 basis points and 73 basis points, respectively. HSBC Markets was the sole arranger for the issue. FRCDs are debt securities which pay a floating rate of interest for the life of the issue, in this case five years. The $1.5 billion revolving CD facility allows Dah Sing to issue fixed or floating rate CDs. Because the facility is revolving, Dah Sing can repay debt, and immediately draw on the facility again.