Linklaters has advised DBS Bank, Oversea-Chinese Banking Corporation Limited (OCBC), and United Overseas Bank (UOB) on six significant covered bond offerings, totalling over US$8b, under their global covered bond programmes. These transactions, conducted over the past three months, are set to be listed on the Singapore Exchange, highlighting the robust international reach of Singapore’s covered bond market.
The offerings include DBS Bank’s US$2b 4.486% covered bonds due 2029 and €2b 3.239% covered bonds due 2030. OCBC issued £1b floating rate covered bonds due 2029 and US$750m 4.630% covered bonds due 2029. UOB’s issuance involved £1b floating-rate covered bonds due 2030 and a €1b dual-tranche fixed-rate covered bond offering, marking the first dual-tranche euro covered bond transaction by an Asian issuer.
These transactions underscore the banks’ ability to access diverse international capital pools across various currencies and maturities. Jonathan Horan, Linklaters’ Singapore managing partner, remarked, “Singapore’s banks continue to play an important role in the development of Asia’s covered bond market, bringing innovative and high-quality offerings to international investors.”
Linklaters, with over 50 years of experience in Asia, has a strong track record of advising Singapore banks on international covered bond programmes. The firm’s expertise in navigating complex international debt capital markets has been pivotal in these recent transactions, reinforcing Singapore’s position in the global covered bond market.
