Singapore

Singapore’s United Overseas Bank this week set a new benchmark after the country introduced an enhanced bank resolution regime allowing the statutory bail-in of subordinated debt. Addison Gong reports.

Singapore’s DBS Group Holdings on Tuesday sold a three year senior unsecured bond, giving investors a scarce opportunity to buy a fixed rate deal at that tenor and format from one of the highest rated financial institutions in the region.

United Overseas Bank priced on Monday the tightest Basel III-compliant tier two deal from an Asian borrower, setting a new benchmark following the strengthening late last year of the bank resolution regime in its home jurisdiction of Singapore.

Singapore-based loans banker Cho-Teng Kooi has resigned from BNP Paribas, according to a source familiar with the matter.

Singapore-listed Keppel Real Estate Investment Trust (Reit) raised S$200m ($147.9m) from a convertible bond on Tuesday, its first tap of the equity-linked market.

Deutsche Bank has promoted Haitham Ghattas to co-head of its financing and solutions group in Asia Pacific, following Jake Gearhart’s relocation to the US.

Singapore agricultural commodity company Olam International and its wholly owned subsidiary Olam Treasury have raised the firm's first loan where its funding costs are linked to the digitisation of the company.

CMT MTN priced a 10 year bullet bond on Wednesday, raising $300m.

Singapore’s Frasers Property has closed a S$785m ($581m) green loan, the second green borrowing in six months.

Keppel Infrastructure Trust (KIT) has raised S$500.8m ($369.8m) after more than doubling the size of an equity fundraising and trimming a concurrent private placement.

In this round up, sluggish economic data indicates growth headwinds, the Philippines eyes a Panda bond in April and USD/CNH futures trading volumes on the Singapore Exchange (SGX) hits record level.

The Monetary Authority of Singapore (MAS) is considering making covered bonds eligible for repo, but Singapore dollar issuance would probably be needed, delegates at the Euromoney/ECBC Asian Covered Bond Forum heard this week. Domestic currency issuance would improve the resilience of Singapore’s banking system and potentially encourage other banks to set up programmes.