ANZ, DBS and UOB are joint lead managers of the new notes, which will likely offer a straight 10-year tenor with no call option.
The Australian bank was heard sounding out the market at a preliminary price indication of 5 percent.
Last March, ANZ raised S$500 million through 12-year non-call seven notes at 3.75 percent, drawing orders of S$700 million.
It is one of a few banks seeking to raise Tier 2 funds in the Singapore dollar bond market.
DBS launched its 12-year non-call seven issue this morning at a guidance in the high 3 percent area.