Fitch: First covered bonds could hit S'pore market by mid-year
This follows further fine-tuning of the guidelines for issuance by the MAS
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Singapore
THE Monetary Authority of Singapore (MAS) has further fine-tuned the guidelines for issuance of covered bonds, and the first covered bonds could hit the market as early as mid-2015, said Fitch Ratings on Wednesday.
Covered bonds are debt instruments secured by a pool of assets (cover pool) or where it's backed by cash flows from mortgages or loans. In Singapore, the MAS requires the cover pool to comprise primarily of residential mortgage loans, with a limited amount of cash and cash equivalents allowed, to minimise administrative burden on issuers.
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