Singapore banks lukewarm on covered bonds
Banks in Singapore are unlikely to issue covered bonds in large amounts even if the local regulator’s consultation on the issue is successful
Singapore banks will not rush to issue covered bonds once they are approved by the Monetary Authority of Singapore (MAS) as they do not face immediate funding pressures due to their strong balance sheets, according to a senior figure at local firm.
The MAS released a consultation paper on March 9 over whether locally incorporated banks could issue covered bonds. However due to the costs of setting up and maintaining a covered bond programme, combined with the initial low issuance cap of 2% of
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