Singapore

HSBC has made some high profile appointments to its commercial banking teams in Hong Kong and Mainland China, according to an announcement on Thursday.

The Singapore dollar bank capital market welcomed Commerzbank’s inaugural Basel III tier two bond this week, allowing it to price through fair value.

United Overseas Bank issued a euro covered bond flat to its curve and WL Bank priced at the tightest spread of the year, suggesting slowing supply is exacerbating a squeeze on investors. UOB was also set to issue its first dollar-denominated covered bond.

The Asia debt market saw a fresh rush of dollar deals on Wednesday, with property names China Jinmao Holdings Group and Xinhu Zhongbao, as well as Singapore’s United Overseas Bank launching new deals.

The Singapore dollar bank capital market is set for a busy week with Commerzbank announcing a Basel III tier two bond on Wednesday morning. Its offering closely follows UOB’s successful tier two outing on Monday.

United Overseas Bank in Singapore has mandated joint leads for its second covered bond, and the second issue from a Singaporean borrower this year. It may issue in euros or dollars, or potentially in both currencies. Overseas Chinese Banking Corporation is expected to follow later this year.

United Overseas Bank priced a Basel III tier two bond in its home currency on Monday, becoming the first FIG to sell a Singapore dollar denominated deal in 2017. And it did it with style, achieving both the largest size and the lowest spread.

ANZ has appointed Jennifer Kusuma as senior Asia rates strategist in Singapore, hiring her from BNP Paribas.

United Overseas Bank is marketing the year’s first Singapore dollar-denominated bond from a financial institution, while Germany's Commerzbank has also set its sights on the same liquidity pool.

The Singapore Exchange is consulting the public on whether to introduce a dual-class share (DCS) structure and if so what safety measures it should employ, it said on Thursday evening.

DBS Group Holdings has reported its lowest quarterly profit in two years, hit by a jump in provisions for bad loans, according to an announcement on Thursday.

In this round-up, the offshore RMB (CNH) nearly eliminates its spread with the onshore RMB, a Standard Chartered index on RMB internationalisation ends 2016 poorly, and the Hong Kong Exchange (HKEX) sees new records set in RMB futures contracts in January. Plus, a recap of our stories.