BNY Mellon, a global leader in investment management and investment services, has been appointed trustee and paying agent for DBS Bank’s USD 10 billion covered bond program. A pioneer in this space, BNY Mellon is the first to offer such services to covered bond issuers in Singapore.
Singapore is one of the first Asian countries to introduce covered bond legislation and DBS Bank’s program marked the official launch of its covered bond market. This program will allow regional and global investors to diversity their portfolio outside of Europe and Australia, whilst providing a stable and efficient funding option to the issuer.
“There is no better time to venture into the covered bond market in Singapore,” said Gary Lew, Asia-Pacific Head of Corporate Trust at BNY Mellon. “With the growing interest in Asia and an increase in popularity for covered bonds issued in the region, we are expecting a corresponding growth in demand from issuers.
“BNY Mellon has a strong heritage in serving as the trustee and paying agent to governments, multinational corporations and financial institutions. Having been involved in more than 60,000 debt-related issues globally, we are pleased to have worked with a pioneering partner like DBS Bank to mark this significant turning point in the history of the covered bond market in Singapore - as the first appointed to offer such services to covered bond issuers in Singapore,” added Lew. "This is an important step forward; signifying the continued evolution of Singapore’s financial services industry and we are honoured to be playing a key role in this development.”
BNY Mellon Corporate Trust clients include governments and their agencies, multinational corporations, financial institutions and other entities that access the global debt capital markets. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services and to develop customized and market-driven solutions. Its range of core services includes debt trustee, paying agency, escrow and other fiduciary business. As of June 30, 2015, BNY Mellon Corporate Trust served as trustee and/or paying agent on more than 60,000 debt-related issues globally.
This release is for informational purposes only. BNY Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Not all products and services are offered at all locations.