Taiwanese banking giant Bank SinoPac is planning to start offering retail credit products structured by foreign houses next year. "Retail clients will be interested in the yield pickup," said Henry Chang, head of trading in Taipei.
The bank obtained a local credit derivatives license in the first half of this year and is now establishing systems for the effort. Chang continued the firm will likely start offering credit-linked notes and deposits in the first quarter of next year. He declined comment on potential counterparties.
The domestic credit derivatives market kicked off last year with Deutsche Bank, BNP Paribas and Calyon entering the fray (DW, 1/27/3). These have been followed by local institutions, including Chinatrust Commercial Bank (DW, 11/24).
