DBS prices first issue of covered bonds
The covered bonds, DBS’ first issue under a US$10 billion programme, will bear a fixed coupon of 1.625 per cent per annum payable semi-annually in arrear, the bank says.
POSTED: 30 Jul 2015 09:25
SINGAPORE: DBS Bank has priced its issue of US$1 billion (S$1.36 billion) fixed rate covered bonds due 2018, which is the first issue under a US$10 billion global covered bond programme, the bank said on Thursday (Jul 30).
The covered bonds will bear a fixed coupon of 1.625 per cent per annum payable semi-annually in arrear, equal to a spread of 37 basis points over mid-swaps, the bank said.
The issue attracted about US$1.37 billion (S$1.87 billion) of orders from more than 40 investors, with banks anchoring the order book and accounting for 62 per cent of orders. Orders were received from 16 countries, with 51 per cent coming from Asia.
DBS is the first issuer in Singapore to set up a covered bond programme after the local regulator tied up final changes to the rules related to the instrument. It is also the first issuer from South-East Asia to sell covered bonds in the offshore market.
The lender has mandated itself, Deutsche Bank, JP Morgan and Societe Generale as joint global coordinators for the debut covered bonds, with Barclays and Citigroup as bookrunners. The issue is expected to be rated Aaa by Moody's and AAA by Fitch.
DBS Chief Financial Officer Chng Sok Hui said: “We are very pleased with the strong interest received from global investors in our first covered bond issuance, which allowed us to price at tight spreads even under current difficult bond market conditions. With the issue, we have been able to engage a fresh group of investors, and access liquidity with greater cost efficiency, lowering our overall funding cost.”
- CNA/REUTERS/cy
- wong chee tat :)
Showing posts with label Societe Generale. Show all posts
Showing posts with label Societe Generale. Show all posts
Monday, August 3, 2015
Tuesday, October 7, 2014
DBS completes deal for Societe Generale's Asian private banking wing
DBS completes deal for Societe Generale's Asian private banking wing
With the acquisition, DBS said it now has S$88 billion in high net worth assets under management and S$129 billion in assets under management for all wealth customers.
SINGAPORE: DBS Bank has completed the acquisition of the Asian private banking business of Societe Generale in Singapore and Hong Kong, as well as selected parts of its trust business.
"DBS Private Bank and Societe Generale Private Banking Asia (SGPB Asia) are highly complementary in terms of clients, geographical coverage as well as product and service offerings. The completion of the acquisition significantly increases the scale of DBS’ wealth management business and strengthens the bank’s position as a leading wealth manager in Asia," DBS said in a press release on Monday (Oct 6).
With the acquisition, DBS said it now has S$88 billion in high net worth assets under management and S$129 billion in assets under management for all wealth customers.
According to the statement, DBS Private Bank and Societe Generale Private Banking have also entered into collaboration agreements, which will enable Societe Generale clients to have access to DBS Private Bank's offerings in Asia. DBS clients may meanwhile benefit from Societe Generale Private Banking's offerings in Europe as well as have access to a range of markets solutions designed by Societe Generale Corporate & Investment Banking.
Said Mr Piyush Gupta, CEO of DBS: “Wealth management is one of DBS’ key strategic priorities, and the completion of this transaction enables us to build on what is already a very solid platform, to further strengthen our competitive position in Asia. We are delighted that the businesses are being integrated from today, and that everything is on track per our original plans.”
Added Ms Tan Su Shan, Group Head of Consumer Banking & Wealth Management of DBS: “The growth of our wealth management business has been robust and sustainable, reflecting the confidence clients have in us. Today, we are already among the top ten private banks in Asia and the SGPB Asia acquisition further signifies our coming of age. With access to new clients and strong, experienced teams, this acquisition takes our business to the next level and will enable us to access products and capabilities beyond Asia.”
The majority of employees from SGPB Asia, including management and relationship managers, will be moving over to DBS. Mr Olivier Gougeon, formerly Regional Chief Executive Officer of SGPB Asia, will be joining DBS Private Bank as Head of Transformation, Integration & Ultra-High Net Worth Segment.
Said Mr Gougeon: “By having access to DBS’ universal banking platform including retail, corporate and investment banking, we are confident that clients will stand to benefit from an expanded suite of products and services. We also have a proven track record in structured products, derivatives and wealth planning, which will go a long way in serving the more sophisticated needs of all clients.”
- CNA/es
- wong chee tat :)
With the acquisition, DBS said it now has S$88 billion in high net worth assets under management and S$129 billion in assets under management for all wealth customers.
SINGAPORE: DBS Bank has completed the acquisition of the Asian private banking business of Societe Generale in Singapore and Hong Kong, as well as selected parts of its trust business.
"DBS Private Bank and Societe Generale Private Banking Asia (SGPB Asia) are highly complementary in terms of clients, geographical coverage as well as product and service offerings. The completion of the acquisition significantly increases the scale of DBS’ wealth management business and strengthens the bank’s position as a leading wealth manager in Asia," DBS said in a press release on Monday (Oct 6).
With the acquisition, DBS said it now has S$88 billion in high net worth assets under management and S$129 billion in assets under management for all wealth customers.
According to the statement, DBS Private Bank and Societe Generale Private Banking have also entered into collaboration agreements, which will enable Societe Generale clients to have access to DBS Private Bank's offerings in Asia. DBS clients may meanwhile benefit from Societe Generale Private Banking's offerings in Europe as well as have access to a range of markets solutions designed by Societe Generale Corporate & Investment Banking.
Said Mr Piyush Gupta, CEO of DBS: “Wealth management is one of DBS’ key strategic priorities, and the completion of this transaction enables us to build on what is already a very solid platform, to further strengthen our competitive position in Asia. We are delighted that the businesses are being integrated from today, and that everything is on track per our original plans.”
Added Ms Tan Su Shan, Group Head of Consumer Banking & Wealth Management of DBS: “The growth of our wealth management business has been robust and sustainable, reflecting the confidence clients have in us. Today, we are already among the top ten private banks in Asia and the SGPB Asia acquisition further signifies our coming of age. With access to new clients and strong, experienced teams, this acquisition takes our business to the next level and will enable us to access products and capabilities beyond Asia.”
The majority of employees from SGPB Asia, including management and relationship managers, will be moving over to DBS. Mr Olivier Gougeon, formerly Regional Chief Executive Officer of SGPB Asia, will be joining DBS Private Bank as Head of Transformation, Integration & Ultra-High Net Worth Segment.
Said Mr Gougeon: “By having access to DBS’ universal banking platform including retail, corporate and investment banking, we are confident that clients will stand to benefit from an expanded suite of products and services. We also have a proven track record in structured products, derivatives and wealth planning, which will go a long way in serving the more sophisticated needs of all clients.”
- CNA/es
- wong chee tat :)
Monday, July 1, 2013
EU investigators accuse 13 banks in derivatives probe
EU investigators accuse 13 banks in derivatives probe
POSTED: 01 Jul 2013 10:00 PM
EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
BRUSSELS: EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
A preliminary investigation by the Commission showed that banks worked together to exclude exchanges from the derivatives market.
This was allegedly because they feared involvement by the exchanges would cut into their huge profits from over-the-counter trading.
Some aspects of derivatives trading have been blamed for exacerbating the financial crisis.
The EU's Competition Commissioner Joaquin Almunia said that the banks now had the chance to respond to the detailed accusations.
He said that they could face fines if the charges were confirmed once the investigation had been completed.
"If it is confirmed that banks collectively blocked exchanges from the derivatives market, the Commission could decide to impose sanctions," Almunia said at a press briefing.
"Exchange trading of credit derivatives improves market transparency and stability," he said.
Collusion between banks to prevent this type of trading would be "a serious breach of our competition rules", he said.
Almunia declined to give an estimate of the size of possible fines on the banks but he said the CDS market at the moment was worth about 10 trillion euros ($13 trillion).
The collapse of US investment bank Lehman Brothers in 2008 "showed how derivatives trading is able to destabilise the entire financial system," Almunia said.
The EU investigation began in 2011 and has focused on claims that the Deutsche Boerse stock market and the Chicago Mercantile Exchange were excluded from the derivatives market between 2006 and 2009 when the crisis reached its peak.
It said the two exchanges decided to turn to the International Swaps and Derivatives Association (ISDA) and data service provider Markit to obtain the necessary licences but were turned down because the banks had prevented them from doing so.
The 13 European and US banks targeted are: Bank of America Merrill Lynch, Barclays, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Royal Bank of Scotland and UBS.
Four other banks that had been involved in the investigation -- Commerzbank, Societe Generale, Credit Agricole and Wells Fargo -- have been excluded because of a lack of evidence.
In May, a US pension fund for Cleveland metal workers initiated legal proceedings against some of the banks identified by the European Commission saying it had suffered financial losses because of "an illegal cartel".
The fund said the number of victims of the alleged cartel could reach "tens of thousands", and claimed the derivatives market had been heavily distorted by those who controlled it.
The European Commission has worked to take on a stronger role in policing the financial markets in the wake of the global financial crisis and the eurozone sovereign debt crisis.
Last month, it said it was preparing a set of proposals to tighten up oversight of key market benchmarks, especially of interest rates, after recent rigging scandals in London.
These could include moving LIBOR, a global interest rate indicator, from London to Paris where it would be supervised by the European Securities and Markets Authority.
Such a move would very likely anger the British government which jealously guards the City of London, home to one of the world's largest financial markets.
LIBOR, or London Interbank Offered Rate, is a flagship reference instrument used all over the world, affecting what banks, businesses and individuals pay to borrow money.
London's role has been undermined by revelations that major banks, among them Barclays, Royal Bank of Scotland and UBS, have manipulated LIBOR to their advantage, especially during the turmoil and aftermath of the 2008 crisis.
British regulators have laid out plans for a new system combining survey-based rates and objective data to replace the current system, hoping to head off EU efforts to take overall control of such a key financial market instrument.
- AFP/al
- wong chee tat :)
POSTED: 01 Jul 2013 10:00 PM
EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
BRUSSELS: EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
A preliminary investigation by the Commission showed that banks worked together to exclude exchanges from the derivatives market.
This was allegedly because they feared involvement by the exchanges would cut into their huge profits from over-the-counter trading.
Some aspects of derivatives trading have been blamed for exacerbating the financial crisis.
The EU's Competition Commissioner Joaquin Almunia said that the banks now had the chance to respond to the detailed accusations.
He said that they could face fines if the charges were confirmed once the investigation had been completed.
"If it is confirmed that banks collectively blocked exchanges from the derivatives market, the Commission could decide to impose sanctions," Almunia said at a press briefing.
"Exchange trading of credit derivatives improves market transparency and stability," he said.
Collusion between banks to prevent this type of trading would be "a serious breach of our competition rules", he said.
Almunia declined to give an estimate of the size of possible fines on the banks but he said the CDS market at the moment was worth about 10 trillion euros ($13 trillion).
The collapse of US investment bank Lehman Brothers in 2008 "showed how derivatives trading is able to destabilise the entire financial system," Almunia said.
The EU investigation began in 2011 and has focused on claims that the Deutsche Boerse stock market and the Chicago Mercantile Exchange were excluded from the derivatives market between 2006 and 2009 when the crisis reached its peak.
It said the two exchanges decided to turn to the International Swaps and Derivatives Association (ISDA) and data service provider Markit to obtain the necessary licences but were turned down because the banks had prevented them from doing so.
The 13 European and US banks targeted are: Bank of America Merrill Lynch, Barclays, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Royal Bank of Scotland and UBS.
Four other banks that had been involved in the investigation -- Commerzbank, Societe Generale, Credit Agricole and Wells Fargo -- have been excluded because of a lack of evidence.
In May, a US pension fund for Cleveland metal workers initiated legal proceedings against some of the banks identified by the European Commission saying it had suffered financial losses because of "an illegal cartel".
The fund said the number of victims of the alleged cartel could reach "tens of thousands", and claimed the derivatives market had been heavily distorted by those who controlled it.
The European Commission has worked to take on a stronger role in policing the financial markets in the wake of the global financial crisis and the eurozone sovereign debt crisis.
Last month, it said it was preparing a set of proposals to tighten up oversight of key market benchmarks, especially of interest rates, after recent rigging scandals in London.
These could include moving LIBOR, a global interest rate indicator, from London to Paris where it would be supervised by the European Securities and Markets Authority.
Such a move would very likely anger the British government which jealously guards the City of London, home to one of the world's largest financial markets.
LIBOR, or London Interbank Offered Rate, is a flagship reference instrument used all over the world, affecting what banks, businesses and individuals pay to borrow money.
London's role has been undermined by revelations that major banks, among them Barclays, Royal Bank of Scotland and UBS, have manipulated LIBOR to their advantage, especially during the turmoil and aftermath of the 2008 crisis.
British regulators have laid out plans for a new system combining survey-based rates and objective data to replace the current system, hoping to head off EU efforts to take overall control of such a key financial market instrument.
- AFP/al
- wong chee tat :)
Wednesday, December 14, 2011
Credit Agricole to cut 2,350 global jobs: union
Credit Agricole to cut 2,350 global jobs: union
Posted: 14 December 2011 1927 hrs
PARIS - French banking group Credit Agricole is to cut 2,350 jobs around the world, including 850 positions in France, mainly at its Cacib investment bank, the Force Ouvriere (FO) union said on Wednesday.
At Cacib, 1,750 jobs will be cut globally, including 550 in France, said FO's representative for the bank, Bernard Pechard.
The bank's consumer credit branch, CACF, will see 600 jobs cut, half in France and half in the rest of the world.
Bank management held meetings on Wednesday with union officials representing staff at Cacib and CACF.
Pechard said he expected more job cuts would be announced when similar meetings are held at other Credit Agricole subsidiaries, including leasing arm Calef, which has 3,100 employees, and equity broker Chevreux, which has 800.
On Tuesday union sources had said they expected "several hundred" jobs to be cut at Credit Agricole, which last month reported a 65 percent drop in net attributable quarterly profit.
Credit Agricole, one of the biggest banks in Europe by capitalisation, employs 160,000 people around the world, a third of them outside of France, while Cacib employs about 15,000 people globally, including 4,600 in France.
Like other French banks, Credit Agricole has been hit by its exposure to Greek sovereign debt amid the eurozone debt crisis and last month revealed a 60 percent write-down of its holdings of Greek bonds.
The Moody's agency earlier this month downgraded its credit rating on Credit Agricole's long-term debt by one notch to Aa3, as it also announced downgrades on two other leading French banks, BNP Paribas and Societe Generale.
BNP Paribas expects to cut 1,400 jobs globally, mainly in its corporate and investment bank CIB, unions said last month, while Societe Generale has also warned unions of plans to cut several hundred jobs.
- AFP/ir
- wong chee tat :)
Posted: 14 December 2011 1927 hrs
PARIS - French banking group Credit Agricole is to cut 2,350 jobs around the world, including 850 positions in France, mainly at its Cacib investment bank, the Force Ouvriere (FO) union said on Wednesday.
At Cacib, 1,750 jobs will be cut globally, including 550 in France, said FO's representative for the bank, Bernard Pechard.
The bank's consumer credit branch, CACF, will see 600 jobs cut, half in France and half in the rest of the world.
Bank management held meetings on Wednesday with union officials representing staff at Cacib and CACF.
Pechard said he expected more job cuts would be announced when similar meetings are held at other Credit Agricole subsidiaries, including leasing arm Calef, which has 3,100 employees, and equity broker Chevreux, which has 800.
On Tuesday union sources had said they expected "several hundred" jobs to be cut at Credit Agricole, which last month reported a 65 percent drop in net attributable quarterly profit.
Credit Agricole, one of the biggest banks in Europe by capitalisation, employs 160,000 people around the world, a third of them outside of France, while Cacib employs about 15,000 people globally, including 4,600 in France.
Like other French banks, Credit Agricole has been hit by its exposure to Greek sovereign debt amid the eurozone debt crisis and last month revealed a 60 percent write-down of its holdings of Greek bonds.
The Moody's agency earlier this month downgraded its credit rating on Credit Agricole's long-term debt by one notch to Aa3, as it also announced downgrades on two other leading French banks, BNP Paribas and Societe Generale.
BNP Paribas expects to cut 1,400 jobs globally, mainly in its corporate and investment bank CIB, unions said last month, while Societe Generale has also warned unions of plans to cut several hundred jobs.
- AFP/ir
- wong chee tat :)
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