DBS Group (D05.SG) +0.1% at $13.96 vs UOB (U11.SG) down 0.8% at $13.38, OCBC (O39.SG) down 1.1% at $9.81; news Thursday DBS raised $800 million via preference share offer not factor in today’s outperformance.

“The capital raising shouldn’t be having any positive effect, it’s not a significant amount and they’re just basically replacing something that expires next year,” says an analyst at foreign bank.

Says retail investors obviously flocked to preference share offering with savings rate at less than 0.2%.

Adds, DBS share price has lagged peers simply because of low interest rates, “and sometimes money just flows to the biggest laggard.” DBS Thursday said offer more than 3.5x subscribed.

Notes pay 4.7% annually, are non-convertible, non-voting, callable in 2020. Proceeds will be used to purchase outstanding securities that are callable next year.