Singapore

International investment banks are taking a knife to their Asian operations amid slower capital markets activity, even as competition from Chinese lenders intensifies.

Singapore’s OCBC Bank has promoted Elaine Lam to the position of head of global corporate banking, succeeding George Lee who is retiring.

Intercontinental Exchange has added JP Morgan as the fourth clearing member of its ICE Clear Singapore subsidiary.

Singapore Telecommunications raised $500m on Monday, a day when credit markets in Asia slumped. Nevertheless, the investment grade issuer managed to get away with offering no new issue premium on its bonds.

Singapore-based auto leasing company Ethoz Group has attracted commitments equalling the base amount of its up to S$120m ($89m) loan, according to a source.

An average of about three covered bonds a week are expected between the start of the fourth quarter and the end of November, but with German holidays, blackout periods and elections, the two month funding window is thick with the risk of disruption.

Bank of Tokyo-Mitsubishi UFJ has hired a banker for its loans team in Singapore, according to sources.

The Singapore Exchange has signed a memorandum of understanding with Industrial and Commercial Bank of China to enhance the links between Singapore's and China’s capital markets.

Standard Chartered has given Kaustubh Kulkarni responsibility for Indian rupee bond syndicate, as the bank seeks fresh opportunities in local currency debt.

Lippo Malls Indonesia Retail Trust priced a S$140m ($103m) perpetual non call five on Tuesday at a level that was considered fair value by both the issuer and investors.

A handful of issuers decided to turn to the bond market on Tuesday, looking for a crucial window just one day before the US Federal Reserve makes its decision on the trajectory of interest rates.

Thailand’s CP Foods Holdings has raised $300m from an exchangeable bond, returning to the equity-linked market after a hiatus of nearly three years.