Regulatory Alerts2024-05-16
Added · Updated
Notice 648 Issuance of Covered Bonds by Banks Incorporated in Singapore
Only banks incorporated in Singapore may issue covered bonds in Singapore, while foreign-incorporated banks are prohibited from issuing them through their Singapore branches. Banks must ensure cover pools primarily consist of residential mortgage loans, with non-mortgage assets capped at 15% of the pool's value, and total cover pool assets limited to 10% of the bank's total assets. The notice mandates annual property valuations, a minimum cover pool value of 103% of outstanding bonds, and requires banks to notify the Authority one month prior to issuance and three business days before each specific issuance.
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