BNY Mellon has been appointed by Clearstream and Euroclear to provide sub-depositary services in Asia Pacific allowing APAC issued global notes to be deposited locally in Hong Kong with BNY Mellon.
This extension of BNY Mellon’s established sub-depositary capability into the APAC region offers Asian issuers greater access to global capital markets and enhanced efficiency and flexibility in their settlement processes.
Gary Lew, head of Corporate Trust in Asia Pacific for BNY Mellon, said the decision to expand this service is designed to meet the growing demand for bond and note issuances in the APAC region.
“With bond issuance volumes in Asia continuing to rise, BNY Mellon continues to be invested in the development of its resources and technologies to broaden our offering in this area”, said Lew.
“This new capability will enable us to deliver value added solutions to our clients who are issuing securities into the international debt markets and this will further complement our existing Corporate Trust product suite. We will offer our Asian sub-depositary capability in APAC with Euroclear Bank and Clearstream, both of which are long-term partners of BNY Mellon.”
Alton Chan, Clearstream’s regional head of North Asia, said: “Clearstream is very pleased to collaborate with BNY Mellon to extend their offering of Common Depositary services in Hong Kong, supporting the Asia Pacific region. The development of this service shall bring added value to issuers in the region and investors globally, increasing efficiency and access to global capital markets. Clearstream will increasingly use its operational presence in Singapore to support the development of the international securities market.”
BNY Mellon’s range of core services includes debt trustee, paying agency, escrow and other fiduciary business. As of June 30, 2015, BNY Mellon Corporate Trust has served as trustee and/or paying agent on more than 60,000 debt-related issues globally.