Singapore

Singapore is pushing ahead with plans for a dual class share structure, giving it an edge over Hong Kong for the next big technology IPO. But markets watchers warn that progress will take time.

Investors had ample opportunity to indulge in bank capital credits this week, with United Overseas Bank sealing a $600m additional tier two offering on Wednesday, just a day after DBS’s landmark AT1 dollar note.

A senior banker in the Asia Pacific financing division of Credit Suisse has stepped into a newly created position at the bank.

DBS Bank sealed a landmark $750m additional tier one (AT1) bank capital deal on Tuesday, marking not just its first dollar AT1 but also the first from a Singaporean lender. Despite the lowest ever coupon globally for this asset class, investors feasted on the credit, reports Addison Gong.

JP Morgan has lost Singapore-based Chetan Singh to UK insurer Aviva, where he will lead mergers and acquisitions globally.

Just a day after DBS sealed a $750m deal from a Basel III compliant additional tier one note, the bank capital market has seen some fresh action with United Overseas Bank eyeing a tier two offering.

The Singapore Exchange has received the go ahead from its listing advisory committee to allow companies to float using a new structure, in an effort to deepen the city-state’s capital markets.

DBS Bank is all set for its debut additional tier one bank capital offering in dollars, having found solid demand from investors on Tuesday.

Eastspring Investments has named Phil Stockwell as chief executive officer for Singapore, effective September 1.

The Monetary Authority of Singapore sees scope for more clarity on the disclosure of bond rebates given to private banks, with the Private Banking Industry Group reviewing its code of conduct.

Doosan Bobcat is expected to start gauging sentiment for its $1bn-$2bn IPO in South Korea immediately after the securities registration statement is filed on September 8, according to bankers on the deal.

Private banks have been under sustained pressure to provide more transparency on the work they carry out for their client base in recent years. In Asia, where wealth is growing at the fastest rate globally, local scandals are combining with global regulation to create a thorny environment for the industry. Peter McGill reports.