Standard Chartered launches first offshore RMB issuance in Singapore

StanChart is the sole lead manager.

According to a release, Standard Chartered PLC launched the first issuance of an offshore Renminbi (CNY) denominated Senior Unsecured Notes to be listed on and cleared via the Singapore Exchange Ltd (SGX). Standard Chartered Bank is the sole lead manager and bookrunner for this deal.

This launch supports Singapore’s standing as an international financial centre and as a centre for offshore RMB, and reinforces Standard Chartered’s continued commitment to the development of the RMB market.

Ray Ferguson, Chief Executive Officer, Standard Chartered Bank Singapore, said, “We see this as another milestone for Singapore in the development of its status as an offshore RMB hub. Singapore already leads as a regional treasury centre; is a springboard to Southeast Asia along the key trade corridor with China and provides a hub for Asian wealth management and commodities trading. Singapore’s contribution to the development of the RMB is further enhanced by this issuance.

“We look forward to working even closer with the Monetary Authority of Singapore and the Singapore Exchange on continuing to position Singapore as a leading financial hub in this region.”