SINGAPORE - Sinagpore's DBS Bank plans to sell ​a three-year ⁠U.S. dollar benchmark covered bond, according to ‌a term sheet seen by Reuters on Monday.

A U.S. ​dollar benchmark bond is usually at least $500 million and ​is meant to ​be easy to trade. The term sheet did not give the planned size.

DBS ⁠did not immediately respond to an email query on Monday.

Here's more details from the sheet:

* The bond is being ​offered at ‌42 basis ⁠points over ⁠SOFR mid-swaps. SOFR, or the secured overnight financing rate, ​is a key U.S. dollar ‌interest rate benchmark.

* The ⁠notes will mature on June 29, 2029, and are expected to settle on June 29, 2026.

* A covered bond is debt backed by a pool of assets, in this case Singapore residential mortgage loans. The bond is guaranteed by Bayfront Covered Bonds ‌Pte Ltd.

* The notes are expected ⁠to be rated Aaa by ​Moody's and AAA by Fitch.

* DBS Bank, BMO Capital Markets, HSBC, RBC Capital Markets, Standard ​Chartered Bank ‌and TD Securities are the ⁠joint lead managers.

(Reporting by ​Yantoultra Ngui, Editing by Louise Heavens)