Global Law Firm Clifford Chance has advised Standard Chartered Bank (Singapore) Limited as the issuer, in relation to English and US law, on the establishment of its US$5 billion global covered bond programme, unconditionally and irrevocably guaranteed as to payments or interest and principal by Banzu Covered Bonds Pte. Ltd. Clifford Chance subsequently advised Standard Chartered Bank (Singapore) Limited on its inaugural drawdown under the programme involving the €500 million three-year 3.324% covered bonds which are 100% backed by a pool of Singapore residential mortgages.
Covered bonds are debt securities issued by banks or financial institutions that are backed by a separate pool of assets, typically high-quality loans or mortgages.
Lead partner Gareth Deiner said: “Congratulations to Standard Chartered Bank (Singapore) Limited on its remarkable debut in the euro covered bond and broader international capital markets, marking another pioneering step for them in the region. Against the backdrop of general rate and market volatility, we expect to see greater activity from high-quality issuers across the currency spectrum, and especially among financial institutions. This transaction, and the construction of the underlying programme, demonstrates our ability to assemble the best team of U.S., English and Singapore lawyers to best serve our clients’ capital objectives.”
Clifford Chance’s Singapore capital markets team led the matter, with support from London and New York offices. The cross-border team comprised:
- Singapore: Partner Gareth Deiner, counsel Claire Neo, associates Zheyi Feng and Alec Duncan, trainees Yasmin Yousoof and Alima Kamarkheyl;
- London: Partners Christopher Walsh and Anne Drakeford, senior associates Purvi Doshi and Tracy Poon, trainee Alex Song;
- New York: Partners Jefferey LeMaster, Paul Koppel and Avrohom Gelber, associates Emily Picard, Thomas Koh and Sharon Yu.
This programme was wholly arranged by Standard Chartered Bank (Singapore) Limited and established on 12 April 2024. The joint lead managers for the drawdown phase were DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Landesbank Baden-Württemberg, Natixis, Société Générale and Standard Chartered Bank, with the co-manager being DBS Bank Ltd. The issuance was closed on 28 May 2024.
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