Linklaters has advised DBS Bank, Oversea-Chinese Banking Corporation Limited (OCBC) and United Overseas Bank (UOB) as issuers on six significant covered bond offerings with an aggregate principal amount equivalent to over US$8bn in the past three months.
Issued under the banks’ respective global covered bond programmes and to be listed on the Singapore Exchange (SGX), the transactions highlight the depth and international reach of Singapore’s covered bond market. The transactions comprise:
- DBS Bank’s US$2bn 4.486% covered bonds due 2029 and €2bn 3.239% covered bonds due 2030, issued under its US$20bn global covered bond programme;
- OCBC’s £1bn floating rate covered bonds due 2029 and US$750m 4.630% covered bonds due 2029, issued under its US$10bn global covered bond programme; and
- UOB’s £1bn floating-rate covered bonds due 2030 and €1bn dual-tranche fixed-rate covered bond offering, issued under its US$15bn global covered bond programme. The euro offering comprises €500m 3.118% covered bonds due 2028 and €500m 3.342% covered bonds due 2031, and is the first dual-tranche euro covered bond transaction by an Asian issuer.
Together, the transactions demonstrate the banks’ ability to access deep and diversified pools of international capital across currencies and maturities, underscoring the international reach of their covered bond programmes and Singapore’s established position in the global covered bond market.
The Linklaters team was led by Singapore managing partner Jonathan Horan, supported by counsel Grace Wee and managing associates Alywn Loy and Daryl Bryan Chee. The wider team also included, Ashley Loh, Cheryl Kwok, Edward Lee and Thalia Sheriff-Horner. Partner Evan Lam led the structured finance and derivatives team, which included Esther Zhong, Josiah Tan and Adriel Ho.
Jonathan Horan, Linklaters’ Singapore managing partner, commented:
“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. We are delighted to have supported DBS, OCBC and UOB on this series of transactions. These mandates reflect the strength of our longstanding relationships with the banks and the depth of our experience in helping Singapore issuers navigate international debt capital markets.”
With more than 50 years of on-the-ground experience in Asia, Linklaters combines deep regional knowledge with the strength of its global network to advise clients on their most complex and strategically important transactions. The firm has a longstanding track record of advising Singapore banks on their international covered bond programmes and issuances.
