Singapore

Manulife US Real Estate Investment Trust (Reit) is set to become Singapore’s first IPO of the year, a welcome development for a stock exchange that has suffered from plummeting deal flow. It may just be what the market needs to get going again, writes Jonathan Breen.

Manulife US Reit is set to price its $470m Singapore IPO at the top of guidance, according to sources close to the deal.

United Overseas Bank is set to end an absence of two years from the Singapore dollar bond market, and is taking orders for a Basel III additional tier one capital trade.

Derivatives post-trade initiatives are on the rise in Asia, said post-trade services operator TriOptima, arguing that the region is trying to improve its fragmented regulatory framework and adhere to global financial standards.

A Singapore-based banker who is part of the syndicated finance team at DBS will be moving to a new role next week, according to sources.

Fullerton Health’s planned $200m IPO will no longer feature Morgan Stanley as one of the leads, leaving JP Morgan and UBS as the two banks handling the Singapore-bound listing.

Property developer Frasers Centrepoint could start investor education next week for a potential S$900m ($659.5m) real estate investment trust IPO in Singapore, according to sources close to the deal.

Allocations have been issued for a $455.75m loan to support Baring Private Equity Asia’s acquisition of Singapore-based Interplex Holdings.

In this round-up, Hong Kong RMB deposits shrank further in March, southbound usage of the Shanghai-Hong Kong Stock Connect picked up, China's foreign exchange regulator granted four new RMB qualified foreign institutional investor (RQFII) quotas in April, and Singapore Exchange launched trading of derivatives under the new MSCI China Free Index. Plus, a recap of GlobalRMB's top stories this week.

Singapore Diamond Investment Exchange is looking ahead to derivatives products and exchange traded funds as it opens for business as the world’s first commodity exchange for physically settled diamonds.

Kelvin Leung has left Credit Suisse’s non-Japan Asia equity syndicate desk to pursue other interests, according to a source close to the move.

Manulife US Real Estate Investment Trust kicked off its second try at a Singapore listing on Tuesday with the launch of a bigger, bolder trade, this time expecting to raise up to $470m.