Seems like there's a lot more to say about the DBS 4.7% preference shares redemption. I've been a little unfair to DBS on this previous post here. From well informed friends (thanks cory and pero), I learnt that DBS actually exchange that preference shares with another one with higher payout and shorter tenor around Nov 2013. This is done because the older preference shares no longer qualify as Tier 1 capital under the new Basel III capital adequacy requirements implemented by MAS on Jan 2013. I cut and paste the notice here, for future reference: ----------------------------------------------------------------------------------------------------- ...