Clearstream has launched a fully operational settlement link to the Philippines. Clients of the ICSD will have a single point of the access to this South East Asian market, with Standard Chartered providing sub-custody services.
The service will be offered for all asset classes denominated in the Philippine Peso i.e. for listed equities, government bonds, corporate bonds, warrants, treasury bills and depository receipts
Mark Gem, member of the Executive Board of Clearstream and head of Business Management, said: There is an ever growing appetite amongst international investors for investments in Asia, and the Philippines has moved into the spotlight. We have been supporting the issuance of international securities denominated in Philippine Peso for a number of years and we are now enhancing our service with the domestic security capability together with market specialist Standard Chartered Bank as local agent. We will continue to facilitate access to the Asian markets and connect Asian issuers with the global investor base.
Simon Cleary, global head of Custodian Banks, Standard Chartered, said: We are delighted to expand on the range of services we currently offer to Clearstream, and to support the extension of international access channels to the Philippines market. This appointment demonstrates our ability to deliver flexible solutions in developing and emerging markets, which was key to providing the right solution for Clearstream. We look forward to a strong partnership.
According to the IMF, the Philippines economy grew by a record 7.3% in 2010. Economic growth slowed down to 3.7% in 2011, but a growth rate above 2011 level is expected in 2012 and beyond.
Clearstream has a long-standing business relationship with the Philippines, spanning two decades.
The ICSD derives 20% of its revenues from Asia and currently offers access to the following markets: Hong Kong, Indonesia, Japan, Malaysia, the Philippines, Singapore, South Korea, Thailand.
(JDC)