Linklaters advised Maybank Singapore Limited, as the issuer, on the establishment of its US$10bn Reg S covered bond programme, unconditionally and irrevocably guaranteed as to payments of interest and principal by Silver Fern Covered Bonds Pte. Ltd. This programme, listed on the Singapore Exchange (SGX), was the fourth covered bond programme established in Singapore.
Maybank Singapore Limited is a Singapore-incorporated subsidiary of the Maybank Group, a leading banking group in Asia and the fifth largest Islamic Bank globally. As part of the transaction, Linklaters subsequently advised Maybank Singapore Limited on its inaugural issuance under the programme involving the €500m three-year 3.439% covered bonds, which are backed by a pool of Singapore residential mortgage loans.
The successful issuance has received strong demand from investors, highlighting the growing opportunity in Singapore and the favourable market conditions.
The Linklaters team was led by capital markets partner Jonathan Horan, with support from structured finance & derivatives partners Evan Lam and Karen Lam, as well as capital markets counsel Grace Wee and associate Alwyn Loy.
Linklaters’ Singapore Managing Partner Jonathan Horan commented,
“Congratulations to Maybank Singapore on their programme establishment and debut issuance, marking a pioneering step in the growth and development of Singapore’s covered bond market. I am delighted to note that Linklaters has acted on the substantial majority of the covered bond programmes and transactions in Singapore. We remain very grateful for the trust and confidence that our clients have placed in us to advise on such significant and complex transactions.”
