Singapore

DBS Bank attracted a strong order book for its $1.25bn three year covered bond, the largest ever issued by an Asian bank.

UBS Group bagged S$700m ($509m) from a Basel III compliant additional tier one deal, adding to a growing list of European lenders that have turned to the Singapore dollar bond market to boost their capital.

A flurry of Asian bond issuers have ventured out in a bid to wrap up deals ahead of the Thanksgiving holiday in the US on Thursday, even as markets remain on shaky ground.

DBS has made several senior staff moves ahead of the retirement of Jeanette Wong, group head of institutional banking (IBG), next March.

High yield issuers’ struggle to push out deals in turbulent market conditions was reflected when Singapore’s Interplex Holdings was forced to cancel its inaugural dollar offering.

Singapore’s Interplex Holdings pulled its planned debut dollar bond sale on Friday.

DBS Bank is planning a roadshow ahead of its first dollar covered bond in over three years, and the first from a Singaporean bank since February 2017. The expected deal follows two large Canadian benchmarks and shows that dollar covered bond funding is becoming more compelling than euros.

In this round-up, China’s foreign reserves in October decrease $34bn due to the stronger dollar, monthly exports climbed more than expected, Singapore Exchange signed cooperation agreements to develop more opportunities for Chinese enterprises in Singapore.

Clifford Capital has netted $300m from its third debt outing of the year. Despite the Singapore firm’s frequency in 2018, it still managed to attract investors due to its rarity factor.

Shenzhen International Holdings is set to issue its second Panda bond, seeking an ambitious Rmb4.7bn ($678m). Regular issuer GLP is also planning a comeback.

Cromwell European Real Estate Investment Trust (CEReit) is looking to raise €224.1m through a rights issue to fund acquisitions of commercial properties and offices.

A flexible approach allowed Shangri-La Hotel to tap into the Singapore dollar bond market on Thursday for S$825m, a rare outing that helped it stave off pressing loan liabilities.