Linklaters Advised Maybank Singapore Limited

Linklaters Advised Maybank Singapore Limited

Linklaters has provided legal guidance to Maybank Singapore Limited on the establishment of its US$10bn covered bond programme and inaugural issuance of €500m covered bonds.

Linklaters advised Maybank Singapore Limited, as the issuer, on the establishment of its US$10bn Reg S covered bond programme, unconditionally and irrevocably guaranteed as to payments of interest and principal by Silver Fern Covered Bonds Pte. Ltd. The programme is listed on the Singapore Exchange (SGX), and is the fourth covered bond programme established in Singapore.

Maybank Singapore Limited is the fifth largest Islamic Bank worldwide and is the Singapore-incorporated subsidiary of the Maybank Group, a Prominent Banking Entity in Asia.

As part of the transaction, Linklaters advised Maybank Singapore Limited on its inaugural issuance under the programme involving the €500m three-year 3.439% covered bonds, which are backed by a pool of Singapore residential mortgage loans.

The successful issuance has garnered significant interest from investors, underscoring the increasing prospects in Singapore and the favourable market environment.

The Linklaters team was led by Capital Markets Partner Jonathan Horan, with support from Structured Finance & Derivatives Partners Evan Lam and Karen Lam, as well as Capital Markets Counsel Grace Wee and Associate Alwyn Loy.

Linklaters’ Singapore Managing Partner Jonathan Horan commented, “Congratulations to Maybank Singapore on their programme establishment and debut issuance, marking a pioneering step in the growth and development of Singapore’s covered bond market. I am delighted to note that Linklaters has acted on the substantial majority of the covered bond programmes and transactions in Singapore. We remain very grateful for the trust and confidence that our clients have placed in us to advise on such significant and complex transactions.”