Singapore

Oversea-Chinese Banking Corporation Limited (OCBC) will become the third Singaporean borrower to issue a euro-denominated covered bond this year and is expected to open order books for its debut deal on Tuesday. The deal is going to be a rare five year, so it is likely to get good execution.

Singapore Exchange has freed companies to issue up to 100% of their equity capital in rights offerings, an increase from 50% previously.

The Monetary Authority of Singapore (MAS) has issued a 10 year ban on former Goldman Sachs executive Tim Leissner from its financial sector due to 1MDB-related breaches.

Strict asset encumbrance limits imposed by regulators in Canada and Singapore could be increased, in a move that could improve covered bond supply from the two regions.

In this round-up, the State Administration of Foreign Exchange (Safe) says it expects China’s foreign reserves to grow gradually despite global volatilities, PBoC’s dollar fix remains pretty much unchanged from the previous day and the Shanghai Free Trade Zone will open up the financial sector to more foreign investment.

Citi has rejigged the top leadership of its corporate and investment banking (CIB) franchise in southeast Asia, handing more responsibility to David Biller and Jonathan Quek.

JP Morgan taps Tan for SEA DCM — RHB loses SG equities banker — SMBC loans banker leaves

Singapore-listed Ascott Residence Trust launched a fully underwritten renounceable rights issue this week, as OUE Commercial Real Estate Investment Trust raised funds via an overnight share sale.

OUE Commercial Real Estate Investment Trust bagged S$150m ($106.3m) in an overnight share sale on Wednesday, fully exercising the increase option.

Mainboard IPOs on the Singapore Exchange must allocate at least 5% to retail investors, starting in May, the bourse said this week.

Singapore’s status as the go-to hub for Asia’s real estate investment trusts appears to be under some threat, with two Asian issuers taking their business to Hong Kong and Indonesia in recent weeks. But concerns that Singapore could lose its Reit crown are overblown — the asset class is set to remain well under its dominion.

Singapore-listed commodities trader Noble Group returned to the international bond market on Monday after a hiatus of nearly three years. Despite the continuous noise around the credit, investors appear to have put the company’s past behind them as they piled into the $750m deal.