Brokers’ take: Jefferies downgrades DBS, OCBC, UOB to ‘hold’ on flattening yield curve

JEFFERIES has downgraded its call on the 3 Singapore banks, DBS, OCBC and UOB, to a "hold" from "buy", to account for a flattening yield curve and the muted transmission of the US Federal Reserve's rate hikes on local rate benchmarks.