The covered bond market lost one of its most popular and influential champions in January, with the death of Colin Chen.
Colin was co-head of financial institutions at DBS Bank, in his home city of Singapore. But his involvement in the covered bond market was global.
Since 2014, he had chaired the global issuers’ working group of the European Covered Bond Council, the trade association which plays a central part in the market’s development and internal communication.
Colin had been at the forefront of efforts in the past decade to expand covered bond issuance outside Europe — a drive to which he devoted his energy, but also his notable personal charm.
Born in Singapore in 1969, Colin took a degree in banking and finance at the University of Canberra, and started his career at UBS in 1995.
To begin with, he worked in securitization — a market, incubated in the US, that was then bursting into life in Asia and Europe. UBS was one of the leading firms at the time, and Colin was involved in establishing and building out its Asian asset-backed finance business.
He joined CIBC World Markets, which hired most of UBS’s securitization team in 1998.
Later, Colin worked at Bank of America, and in 2005 OCBC Bank hired him as head of securitized products. A year later he moved to Bank of Tokyo Mitsubishi UFJ, to be head of securitization and financial engineering, where he stayed until 2010.
During this time, Colin gained wide experience of transactions involving assets ranging from car finance and credit cards to mortgages, trade receivables and collateralised loan obligations.
Market pioneer
With his move to DBS Bank, Colin’s focus broadened. He became head of structured debt solutions, and in 2018 co-head of financial institutions and structured products.
At DBS, Colin began working on introducing covered bonds to Singapore — a campaign in which his talents were instrumental. Colin took the view that, unlike some other countries that had introduced structured covered bonds, Singapore should enact specific covered bond legislation. This took longer, but led to a more solid legal basis for the market.
Colin’s initiative and persuasiveness were pivotal to the Monetary Authority of Singapore ultimately establishing a legal framework in 2013, which has subsequently been revised several times.
Colin’s efforts were crowned with the first Singaporean covered bond issue, a $1bn deal by DBS in 2015.
His leadership is fondly remembered by colleagues. Chris Ngooi, head of wholesale funding at DBS, who had also worked with Colin at OCBC and BTMU, credited him as a mentor: “Colin took me under his wing 20 years ago, shaping my career with his leadership. His ability to connect with people was unmatched. He was like a father figure to me, and I will honor his legacy by continuing his work in the industry.”
Magdalene Leong, a partner at law firm Allen & Gledhill, said: “Colin was a wonderful client — good-natured, patient and always appreciative. His sincerity made people want to work harder, just for him. His persistence and optimism kept our team motivated through challenges. He will be sorely missed.”
After Singapore’s inauguration of covered bonds, Colin continued to support the market’s growth there. He became chairman of the standing committee on covered bonds at the Association of Banks in Singapore, and was made a fellow of the Institute of Banking and Finance Singapore in 2017. He was also a fellow of the Financial Services Institute of Australia.
Global advocate
Colin began to use his expertise to help covered bond issuers in other countries whose markets were beginning to open, and was a natural choice to chair the global issuers’ working group at the ECBC.
“Dear Colin was a passionate advocate for the global expansion of covered bonds,” said Filipe Pontual, managing director at ABECIP, the association of Brazilian mortgage lenders. “His calm and authoritative presence, combined with his outstanding expertise and dedication to the working group and our market, will be deeply missed.”
Colin was busily involved in public events and meetings. Emma Summers, head of covered bonds at Invisso Conferences, which works with the ECBC on its annual conference, said: “He embodied the community spirit in the covered bond market and had a unique ability to connect people.”
Luca Bertalot, secretary general of the ECBC, said Colin had made a lasting impact. “He was a pillar for our organization and a mentor to many in diplomacy, market knowledge and eloquence. His ability to build relationships and open frontiers will continue to inspire us. We will miss his ideas, his smiles and his simplicity.”
Colin Chen’s passing has been felt as an immeasurable loss in the global covered bond community and the Singaporean financial sector. But his contributions, guidance and unwavering dedication will shape the industry for years to come.
Lesi Zuo, CEO of WeShare Holdings, summed up how many felt about Chen: “Colin’s warmth and sharp insights turned a temporary work assignment into a lifelong friendship. His professional integrity and kindness fostered partnerships where others saw rivalry. He was more than a colleague — he was a friend who enriched the lives of those around him.”
GlobalCapital extends its deepest condolences to Colin’s wife Kok Peng.