Singapore

Singapore’s OUE Hospitality Trust is carrying out an underwritten and renounceable rights issue worth S$238.6m ($171.4m) as it seeks to raise funds for an airport hotel purchase.

Singapore real estate firm Ascendas ventured into the country’s domestic bond market on Monday with a S$100m ($72.8m) offering that was largely driven by reverse enquiry.

In this round-up: Hong Kong cross-border trade settlement fell again at the start of the year, RMB deposits were steady in Hong Kong but falling in Singapore, Brics New Development Bank will set up in Shanghai, and PBoC said a swap line with Bank of Russia had been activated. Plus, a recap of our top stories this week.

Ford Motor Credit Company made its debut in the Singapore dollar bond market this week with a S$350m ($251m) transaction that investors were more than happy to put their money into.

The Monetary Authority of Singapore (MAS) has flagged up issues about banks’ credit underwriting practices, including cases of covenant waivers and one off-credit exceptions given to borrowers. But while the central banks’ concerns are valid, bankers reckon lenders are being more than careful about their syndications business. Shruti Chaturvedi reports.

A rarely seen product is set to return to the Asian securitization market with fixed income specialist SC Lowy and UOB Asset Management (UOBAM) gearing up for a $400m collateralized loan obligation (CLO). The transaction will be the first non-bank originated Asian CLO in years, but the structured finance community is sceptical about the market’s potential, writes Rev Hui.

The Singapore Exchange (SGX) has been one of Asia’s most proactive bourses in finding ways to improve its business, but some market participants are worried that it is out of touch. Chew Sutat, SGX’s head of equities and fixed income, told GlobalCapital Asia that there is a gap between perception and reality. John Loh reports.

Malaysia’s CIMB has named Kong Sooi Lin as CEO of its investment bank, a role she had covered since the group chief executive left the position earlier this year.

United Overseas Bank sold a landmark transaction this week, printing the first euro-denominated covered bond from Asia, and plans to become a frequent issuer in the market.

Overseas-Chinese Banking Corporation will become the third issuer from Singapore to set up a covered bond programme, its head of funding confirmed with GlobalCapital’s sister publication The Cover on Tuesday. Though similarly rated to Singapore’s other two issuers, OCBC’s business model is somewhat different.

The financial services arm of US automaker Ford has launched bookbuilding for its maiden foray into the Singapore dollar bond market.

Giles Ong, regional head of investment banking and advisory at Maybank, has resigned and plans to leave the firm in April.