The Government of Singapore is the latest Asian government to be lured by the benefits of securitization. According to sources familiar with the mandate, SPRING, the state-controlled agency that supports the financing needs of small and medium sized entities (SMEs), has selected DBS Bank as sole lead on a deal backed by SME loans.

DBS fended off bids from Barclays Capital, HSBC, Maybank and Standard Chartered in a selection process that took months to resolve. In the end, and as expected for what will be a high-profile deal for the city-state, the government went with a local house.

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