Fitch rates Singapore’s first mortgage covered bond from DBS Bank

Fitch Ratings has assigned a ‘AAA(EXP)’ rating with Stable Outlook to DBS Bank’s inaugural series of mortgage covered bonds to be issued from its programme, which complies with the requirements under the Monetary Authority of Singapore’s Notice 648. This is the first covered bond programme established in Singapore. Under this programme, DBS can periodically issue…

Senior LionGold exec sued over loan to buy stock

The executive deputy chairman of LionGold Corp, one of three companies being probed in Singapore after their shares plunged in October 2013, was sued to repay money borrowed to buy stock. Datuk Mohammed Wira Dani Abdul Daim owed Maybank Kim Eng Securities $2.6 million for LionGold shares bought in a leveraged account, according to a…

Plunging China trade loans hit Singapore banks

Singapore banks, which have enlarged their China credit exposure in recent years, were hit by a drop in billions of dollars of China trade-financing deals as mainland borrowing conditions became easier while offshore interest rates grew more expensive. The premium of the onshore six-month Shanghai interbank offered rate to the offshore six-month CNH Hong Kong…

OCBC beats forecasts on Q1 loan growth surge, UOB roughly in line

Singapore’s Oversea-Chinese Banking Corp beat expectations with an 11 percent rise to record quarterly net profit, as the consolidation of its newly acquired Hong Kong lender Wing Hang Bank helped it post robust loan growth. But smaller rival United Overseas Bank booked a 1.6 percent rise in first-quarter profit, narrowly missing analysts’ forecasts. Despite a…

Time to switch to a FIXED-RATE home loan?

The very real prospect of higher housing loan repayments is prompting many home owners to move to fixed-rate mortgages. These loans have rates that are set for a certain period, usually over two to five years, so customers have certainty about the level of their repayments. Many home owners are aware that the Singapore Interbank…

Singapore bank lending down in February

Total bank lending in Singapore fell a little in February, with business loans continuing their slide for a third straight month. The overall sum lent to both consumers and businesses for the month was $603.5 billion, according to data released by the Monetary Authority of Singapore (MAS) yesterday. This is a 0.65 per cent drop…