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…