Standard Chartered raises CNY 1 billion via Singapore-listed offshore Renminbi bond

Landmark bond settlement set for May 31.

Standard Chartered PLC has announced that it has raised CNY 1 billion through a Singapore-listed offshore Renminbi bond. The three-year senior unsecured issuance priced with a coupon of 2.625% after generating over CNY 3 billion in orders from 75 investors across Asia.

With settlement of the bond set for 31 May, this will be the first offshore CNY bond that is listed, cleared and settled in Singapore. The bond will be listed on the Singapore Exchange (SGX-ST) cleared via The Central Depository (Pte) Limited and settled through ICBC Singapore.

Lenny Feder, Group Head of Financial Markets, Standard Chartered Bank, commented, “This landmark RMB issuance out of Singapore closed with very positive support from investors. The orderbook was three times subscribed with significant demand from some of the largest institutional investors in the region. Our strong partnership with the Singapore regulators allowed us to launch the deal very swiftly and successfully open this important market. In the wake of this deal, we anticipate increased interest in similar transactions from Asian companies, given the greater ease of access to and familiarity with a Singapore-based clearing and settlement system. Our capabilities and rich experience in RMB solutions allow Standard Chartered to continue supporting our clients in their RMB business.”

Magnus Bocker, CEO of Singapore Exchange, said, “As Singapore’s role as an international offshore RMB centre becomes increasingly important, customers coming to Singapore Exchange can be assured of our commitment to keep growing and enhancing our suite of RMB and China-related products and services. We welcome Standard Chartered’s CNY bond and look forward to more financial institutions, corporates and investors participating in the RMB market via Singapore and SGX.