The Government, statutory boards, special purpose vehicles (SPVs), property companies, financial institutions, corporations, offshore borrowers, and supranational entities issue debt on the Singapore market.

The Monetary Authority of Singapore (MAS) issues Singapore Government Securities (SGS) on behalf of the Government.

The major statutory boards that issue SGD debt include the Land Transport Authority, Jurong Town Corporation, and the Housing & Development Board.

Singapore has become an important location for foreign bond issuers via the Singapore Exchange (SGX) and the over-the-counter (OTC) market. SGX requires that the following requirements must be met for the listing of an issue of foreign debt securities.

(1) The issuer must be: (a) a supranational body; or (b) a government or a government agency whose obligations are guaranteed by a government; or (c) an entity whose equity securities are listed on SGX; or (d) a corporation that meets the following requirements: (i) Rule 210(2), (3), (4), and (5) for the listing of equity securities (please refer to Chapter 2 of the SGX-ST Listing Manual); or (ii) a cumulative consolidated pre-tax profit of at least SGD50 million for the last three years, or a minimum pre-tax profit of SGD20 million for any one of the last three years; and consolidated net tangible assets of at least SGD50 million; or (e) a corporation whose obligations under the issue of the debt securities are guaranteed by any of the above (1)(a), (b), (c), or (d).

(2) The issue of debt securities must be at least 80% subscribed by institutional investors.

(3) The issue of debt securities must have a credit rating of investment grade and above.