HDB Issues Rated Fixed Rate Notes
Published Date: 26 Apr 2016
The Housing & Development Board ("HDB") has issued S$675 million, 5-year Fixed Rate Notes (the “Notes”) under its S$32 billion Multicurrency Medium Term Note ("MTN") Programme.
2 The Notes have a coupon of 1.75% per annum payable semi-annually in arrear. The Notes were issued on 26 April 2016 and will mature on 26 April 2021. The Notes are rated Aaa by Moody’s Investors Service.
3 The Notes are in denominations of S$250,000 and were offered by way of placement to investors who fall within Sections 274 and/or 275 of the Securities and Futures Act, Chapter 289 of Singapore. Approval in principle for the listing of the Notes on the Singapore Exchange Securities Trading Limited ("SGX-ST") has been obtained. Admission of the Notes to the Official List of the SGX-ST is not to be taken as an indication of the merits of HDB, its subsidiaries or the Notes. The Notes are cleared through The Central Depository (Pte) Limited.
4 The Joint Lead Managers are DBS Bank Ltd., Industrial and Commercial Bank of China, Singapore Branch and Standard Chartered Bank.
5 Under HDB's MTN programme, HDB may from time to time, issue bonds (or notes) to finance its development programmes and working capital requirements as well as to refinance the existing borrowings.
6 HDB was set up as a statutory board on 1 February 1960. HDB houses over 80% of Singapore's resident population, with more than 9 in 10 HDB dwellers owning the flats they live in. This has made Singapore one of the highest home ownership nations in the world. Providing affordable and quality housing, creating vibrant and sustainable towns, and promoting active and cohesive communities, will remain the focus for HDB.
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS
This announcement is not an offer for sale of securities in the United States. The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (as amended), and may not be offered or sold in the United States or to U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the U.S. securities laws. No public offering of securities is being made in the United States or in any other jurisdiction where such an offering is restricted or prohibited. A rating is not a recommendation to buy, sell or hold any securities and may be subject to suspension, reduction or withdrawal at any time by the rating agencies.
- wong chee tat :)
Showing posts with label icbc. Show all posts
Showing posts with label icbc. Show all posts
Friday, April 29, 2016
Wednesday, July 17, 2013
1 in 10 S'pore companies now use RMB to settle trade transactions
1 in 10 S'pore companies now use RMB to settle trade transactions
POSTED: 17 Jul 2013 9:32 PM
Eleven per cent of Singapore companies are now using the Renminbi (RMB) to settle their cross border transactions with China.
SINGAPORE: Eleven per cent of Singapore companies are now using the Renminbi (RMB) to settle their cross border transactions with China.
This is according to a study by banking group HSBC which comes amid China's push to internationalise the currency.
The survey also found that 53 per cent of Chinese businesses would offer discounts of up to five per cent for transactions settled in RMB.
Joseph Arena, head of global trade and receivables finance from HSBC, remarked that these potential cost savings were appealing to Singapore firms as they grapple with escalating fixed and labour costs.
While the RMB has yet to catch on with more Singapore firms, 31 per cent of companies surveyed did foresee themselves picking up the currency in the next five years to mitigate foreign exchange risk and benefit from better prices.
The appointment of the Industrial and Commercial Bank of China (ICBC) as RMB clearing bank in Singapore last year will help Singapore develop as an offshore RMB market.
HSBC's survey covers over 850 companies that conduct international business in China.
- CNA/fa
- wong chee tat :)
POSTED: 17 Jul 2013 9:32 PM
Eleven per cent of Singapore companies are now using the Renminbi (RMB) to settle their cross border transactions with China.
SINGAPORE: Eleven per cent of Singapore companies are now using the Renminbi (RMB) to settle their cross border transactions with China.
This is according to a study by banking group HSBC which comes amid China's push to internationalise the currency.
The survey also found that 53 per cent of Chinese businesses would offer discounts of up to five per cent for transactions settled in RMB.
Joseph Arena, head of global trade and receivables finance from HSBC, remarked that these potential cost savings were appealing to Singapore firms as they grapple with escalating fixed and labour costs.
While the RMB has yet to catch on with more Singapore firms, 31 per cent of companies surveyed did foresee themselves picking up the currency in the next five years to mitigate foreign exchange risk and benefit from better prices.
The appointment of the Industrial and Commercial Bank of China (ICBC) as RMB clearing bank in Singapore last year will help Singapore develop as an offshore RMB market.
HSBC's survey covers over 850 companies that conduct international business in China.
- CNA/fa
- wong chee tat :)
Friday, July 5, 2013
ICBC in talks with S'pore banks to develop yuan products
ICBC in talks with S'pore banks to develop yuan products
By Linette Lim
POSTED: 05 Jul 2013 8:32 PM
The Industrial and Commercial Bank of China (ICBC) is in talks with Singapore's three local banks to develop yuan-denominated interest rate and exchange rate products. The bank also said significant progress on yuan internationalisation may take about 50 years to realise.
SINGAPORE: The Industrial and Commercial Bank of China (ICBC) is in talks with Singapore's three local banks to develop yuan-denominated interest rate and exchange rate products.
The bank also said significant progress on yuan internationalisation may take about 50 years to realise.
This downplays bullish expectations over the speed of yuan adoption in offshore yuan centres.
ICBC, one of the big-four Chinese state-owned banks, said large-scale usage of the yuan outside China is decades away.
To move the process along, it said there needs to be a wider range of offshore yuan-denominated investment products, as well as synchronisation between the onshore and offshore yuan markets.
Luo Xi, senior executive vice president at ICBC, said: "Right now, there is an offshore exchange rate and offshore interest rate for the yuan that differs from the domestic rates. People are using that as an arbitrage opportunity, so we need to coordinate these rates."
He also said that another way to speed up the process of yuan internationalisation is for more offshore yuan settlement centres to be opened.
But analysts said this need could dissipate with time, because it is widely expected that the Chinese currency will become convertible after 2015, and by then, no interim offshore centres will be needed.
Mr Luo was speaking at a conference organised by DBS in Singapore.
ICBC runs the sole yuan-clearing facility in Singapore, making the city-state only one of four jurisdictions in the world that can clear offshore yuan transactions.
Ng Nam Sin, assistant managing director at Monetary Authority of Singapore, said: "There are close to, I believe, 4,000 Chinese companies who have a presence in Singapore conducting trade and investments between South Asia and China. These companies have their banking relationships with banks in Singapore, so Singapore plays a very important (role as an) intermediation centre for trade finance, for investments."
Still, a number of issues could pose a challenge to yuan internationalisation.
These include the stability of China's financial system.
Andrew Sheng, president of Fung Global Institute and chief adviser to the China Banking Regulatory Commission, said: "If you were to look at household leverage in China, it's actually very low. If you look at the leverage of the government, it's not low but it's relatively low to the advanced countries and even to the comparatives within Asia. Where the leverage has occurred has been in so-called corporate sector, which would include the local government financing platforms."
The recent interbank liquidity crunch in China also revealed fragility in its financial system.
Standard & Poor's said it was a signal that the Chinese central bank will not "endlessly tolerate" reckless lending by some banks.
- CNA/xq
- wong chee tat :)
By Linette Lim
POSTED: 05 Jul 2013 8:32 PM
The Industrial and Commercial Bank of China (ICBC) is in talks with Singapore's three local banks to develop yuan-denominated interest rate and exchange rate products. The bank also said significant progress on yuan internationalisation may take about 50 years to realise.
SINGAPORE: The Industrial and Commercial Bank of China (ICBC) is in talks with Singapore's three local banks to develop yuan-denominated interest rate and exchange rate products.
The bank also said significant progress on yuan internationalisation may take about 50 years to realise.
This downplays bullish expectations over the speed of yuan adoption in offshore yuan centres.
ICBC, one of the big-four Chinese state-owned banks, said large-scale usage of the yuan outside China is decades away.
To move the process along, it said there needs to be a wider range of offshore yuan-denominated investment products, as well as synchronisation between the onshore and offshore yuan markets.
Luo Xi, senior executive vice president at ICBC, said: "Right now, there is an offshore exchange rate and offshore interest rate for the yuan that differs from the domestic rates. People are using that as an arbitrage opportunity, so we need to coordinate these rates."
He also said that another way to speed up the process of yuan internationalisation is for more offshore yuan settlement centres to be opened.
But analysts said this need could dissipate with time, because it is widely expected that the Chinese currency will become convertible after 2015, and by then, no interim offshore centres will be needed.
Mr Luo was speaking at a conference organised by DBS in Singapore.
ICBC runs the sole yuan-clearing facility in Singapore, making the city-state only one of four jurisdictions in the world that can clear offshore yuan transactions.
Ng Nam Sin, assistant managing director at Monetary Authority of Singapore, said: "There are close to, I believe, 4,000 Chinese companies who have a presence in Singapore conducting trade and investments between South Asia and China. These companies have their banking relationships with banks in Singapore, so Singapore plays a very important (role as an) intermediation centre for trade finance, for investments."
Still, a number of issues could pose a challenge to yuan internationalisation.
These include the stability of China's financial system.
Andrew Sheng, president of Fung Global Institute and chief adviser to the China Banking Regulatory Commission, said: "If you were to look at household leverage in China, it's actually very low. If you look at the leverage of the government, it's not low but it's relatively low to the advanced countries and even to the comparatives within Asia. Where the leverage has occurred has been in so-called corporate sector, which would include the local government financing platforms."
The recent interbank liquidity crunch in China also revealed fragility in its financial system.
Standard & Poor's said it was a signal that the Chinese central bank will not "endlessly tolerate" reckless lending by some banks.
- CNA/xq
- wong chee tat :)
Monday, May 27, 2013
Dim Sum bonds issued in Singapore
Dim Sum bonds issued in Singapore
POSTED: 27 May 2013 10:48 PM
Standard Chartered Bank and HSBC are issuing yuan-denominated (Dim Sum) bonds for the first time in Singapore.
SINGAPORE: Standard Chartered Bank and HSBC are issuing yuan-denominated (Dim Sum) bonds for the first time in Singapore.
The announcement came as the Singapore Exchange launched its own yuan-clearing system on Monday.
Both banks are also known to be among the most aggressive players in the offshore yuan market.
Standard Chartered's offshore renminbi-denominated Senior Unsecured Notes are the first RMB bond deposited with SGX.
The timing of the bonds issuance coincides with the start of offshore yuan-clearing services by the Industrial and Commercial Bank of China (ICBC) on Monday.
This could help free up trade in the currency and make Singapore an offshore hub for Dim Sum debt.
HSBC Singapore has issued a two-year yuan bond at a yield of about 2.25%. The notes will raise 500 million yuan.
Matthew Cannon, the head of Global Markets at HSBC in Singapore, said in a statement that the issuance shows HSBC's commitment to further develop the offshore RMB market.
He added: "The funds will be used to finance the bank's expansion of RMB-based lending assets.
"This issuance will help open the market to other issuers looking to fund themselves internationally in RMB, offer new investment opportunities to the substantial pool of wealth managed in Singapore and assist in funding the rapidly growing RMB denominated trade business in Asia."
Standard Chartered raised 1 billion yuan through its 3-year note issuance with a yield of 2.625% after generating over 3 billion yuan in orders from 75 investors across Asia.
With settlement of the bond set for 31 May, Standard Chartered said it would be the first offshore yuan bond that is listed, cleared and settled in Singapore.
Standard Chartered's CEO Ray Ferguson said in a statement that he sees this as another step in Singapore's development as an offshore RMB hub.
"Singapore already leads as a regional treasury centre; is a springboard to Southeast Asia along the key trade corridor with China and provides a hub for Asian wealth management and commodities trading. Singapore's contribution to the development of the RMB is further enhanced by this issuance," he added.
The sales will be cleared through SGX's Central Depository, which provides clearing and settlement services for securities in Singapore.
Will Hedden, IG Market's senior sales trader, said: "There's a lot of money here from China that would be looking for somewhere to go, in that respect in the fixed income space. And these banks are really there to capitalize on it.
"It's another kind of sign that perhaps people are moving away from dollars and yen and euros and other what we would consider major reserve currencies around the world and looking to get exposure into China."
Previously, most of the trading was handled through mainland China or Hong Kong-based banks.
Singapore is set to compete with other trading hubs such as Taipei, Tokyo, Kuala Lumpur, London and Luxembourg in a market estimated to worth up to 360 billion yuan, or US$59 billion.
SGX's depository service adds to the exchange's current offering of listing, quotation, trading, clearing and settlement of RMB-denominated securities and listing of offshore RMB bonds.
Magnus Bocker, CEO of SGX, said in a statement: "Our enhanced RMB capabilities support customers interested in the internationalization of the RMB and the growth of the Chinese economy.
"It will also complement the Industrial and Commercial Bank of China's yuan-clearing service to participating banks, which starts today (Monday).
"As Singapore's role as an international offshore RMB centre becomes increasingly important, customers coming to SGX can be assured of our commitment to keep growing and enhancing our suite of RMB and China-related products and services."
HSBC and Standard Chartered said they would manage their own sales.
Last week, DBS Group said it wants to issue yuan-denominated bonds to be cleared out of Singapore too.
- CNA/al
- wong chee tat :)
POSTED: 27 May 2013 10:48 PM
Standard Chartered Bank and HSBC are issuing yuan-denominated (Dim Sum) bonds for the first time in Singapore.
SINGAPORE: Standard Chartered Bank and HSBC are issuing yuan-denominated (Dim Sum) bonds for the first time in Singapore.
The announcement came as the Singapore Exchange launched its own yuan-clearing system on Monday.
Both banks are also known to be among the most aggressive players in the offshore yuan market.
Standard Chartered's offshore renminbi-denominated Senior Unsecured Notes are the first RMB bond deposited with SGX.
The timing of the bonds issuance coincides with the start of offshore yuan-clearing services by the Industrial and Commercial Bank of China (ICBC) on Monday.
This could help free up trade in the currency and make Singapore an offshore hub for Dim Sum debt.
HSBC Singapore has issued a two-year yuan bond at a yield of about 2.25%. The notes will raise 500 million yuan.
Matthew Cannon, the head of Global Markets at HSBC in Singapore, said in a statement that the issuance shows HSBC's commitment to further develop the offshore RMB market.
He added: "The funds will be used to finance the bank's expansion of RMB-based lending assets.
"This issuance will help open the market to other issuers looking to fund themselves internationally in RMB, offer new investment opportunities to the substantial pool of wealth managed in Singapore and assist in funding the rapidly growing RMB denominated trade business in Asia."
Standard Chartered raised 1 billion yuan through its 3-year note issuance with a yield of 2.625% after generating over 3 billion yuan in orders from 75 investors across Asia.
With settlement of the bond set for 31 May, Standard Chartered said it would be the first offshore yuan bond that is listed, cleared and settled in Singapore.
Standard Chartered's CEO Ray Ferguson said in a statement that he sees this as another step in Singapore's development as an offshore RMB hub.
"Singapore already leads as a regional treasury centre; is a springboard to Southeast Asia along the key trade corridor with China and provides a hub for Asian wealth management and commodities trading. Singapore's contribution to the development of the RMB is further enhanced by this issuance," he added.
The sales will be cleared through SGX's Central Depository, which provides clearing and settlement services for securities in Singapore.
Will Hedden, IG Market's senior sales trader, said: "There's a lot of money here from China that would be looking for somewhere to go, in that respect in the fixed income space. And these banks are really there to capitalize on it.
"It's another kind of sign that perhaps people are moving away from dollars and yen and euros and other what we would consider major reserve currencies around the world and looking to get exposure into China."
Previously, most of the trading was handled through mainland China or Hong Kong-based banks.
Singapore is set to compete with other trading hubs such as Taipei, Tokyo, Kuala Lumpur, London and Luxembourg in a market estimated to worth up to 360 billion yuan, or US$59 billion.
SGX's depository service adds to the exchange's current offering of listing, quotation, trading, clearing and settlement of RMB-denominated securities and listing of offshore RMB bonds.
Magnus Bocker, CEO of SGX, said in a statement: "Our enhanced RMB capabilities support customers interested in the internationalization of the RMB and the growth of the Chinese economy.
"It will also complement the Industrial and Commercial Bank of China's yuan-clearing service to participating banks, which starts today (Monday).
"As Singapore's role as an international offshore RMB centre becomes increasingly important, customers coming to SGX can be assured of our commitment to keep growing and enhancing our suite of RMB and China-related products and services."
HSBC and Standard Chartered said they would manage their own sales.
Last week, DBS Group said it wants to issue yuan-denominated bonds to be cleared out of Singapore too.
- CNA/al
- wong chee tat :)
Subscribe to:
Posts (Atom)