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Singapore

Market Watch
Close of
December 12, 2018
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 2.035 ▲ 1.6 0.1 ▲ 38.7
5 Year 2.136 ▲ 2.9 ▲ 5.7 ▲ 46.0
10 Year 2.308 ▲ 4.2 ▲ 4.8 ▲ 30.4

* Government bond yield changes are expressed in basis points.

More details

Currencies Latest Rate Previous Day Previous Week YTD
SGD per USD 1.372 ▲ 0.1 0.4 2.7
SGD per JPY 0.012 ▲ 0.0 0.3 2.2

* Exchange rate changes are expressed as a percentage change.

More details

Interest Rates Latest Rate Previous Day Previous Week YTD
No data available for this market
Policy Rates
Change From
Policy Rates Latest Rate
(1-Jan-1970)
Previous Rate
(1-Jan-1970)
YTD
Rate
No data available for this market
Sovereign Ratings
Agency Rating Outlook Date
Regional Rating Institutions
R&I AAA stable 2015-12-22
RAM AAA stable 2017-09-21
Non-Regional Rating Institutions
Fitch AAA stable 2015-11-30
S&P AAA stable 2016-04-05

More details

  • Size of LCY Bond Market
  • Size of LCY Bond Market in % of GDP
  • Monthly Bonds Outstanding in USD
  • FCY Bonds Outstanding
  • Issuance Volume of LCY Bond Market
  • Breakdown of LCY Government Bond Market Issuance
  • G3 Currency Bond Issuance
  • Government Securities Maturity Profile - LCY
  • Corporate Securities Maturity Profile - LCY
  • Trading Volume
  • Bonds Turnover Ratio
  • Interest Rate Spread - 2yrs vs 10yrs - LCY Bond
  • Yield Volatility - 10yr LCY Bonds
  • iBoxx ABF Index Family
  • Bid-Ask Spreads (Survey data)
  • Government Bond Market Structural Issues
  • Corporate Bond Market Structural Issues

ASEAN+3 Bond Market Guide

ASEAN+3 Bond Market Guide 2016: Singapore


The Singapore bond market has become one of the most developed open capital markets in Asia with over US$221 billion in total local currency bonds outstanding with an additional US$53 billion of bonds outstanding. The Singapore Bond Market Guide is an outcome of the support and contributions of ASEAN+3 Bond Market Forum members and experts, particularly from Singapore, while the ASEAN+3 Bond Market Guide as a whole is a comprehensive explanation of the region’s bond markets. This report should be recognized as a collective good to support bond market development among ASEAN+3 members.

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* Download previous issues PDF
2018 Nov Sep Jun Mar
2017 Nov Sep Jun Mar
2016 Nov Sep Jun Mar
2015 Nov Sep Jun Mar
2014 Nov Sep Jun Mar
2013 Nov Sep Jun Mar
2012 Nov Sep Apr
2011 Nov Sep Mar
2010 Nov Oct Jul Mar
2009 Nov Sep

Market Summary



Yield Movements

Between 1 August and 15 October, Singapore’s local currency (LCY) bond yields increased for all maturities. The 5-year maturity increased the most, gaining 22 basis points (bps). The 2-year tenor registered the smallest increase of 12 bps. The yield spread between 2-year and 10-year government bonds expanded 6 bps during the review period. Singapore’s yields tracked interest rate movements in the United States, where all tenors increased during the review period. The US Federal Reserve raised interest rates most recently in September, with another increase expected before the year ends as the Federal Reserve continues its monetary policy normalization. Strong US economic data, including high economic growth and low unemployment rates, and expectations of another rate hike, contributed to the rise in interest rates.

Size and Composition

The Singapore LCY bond market grew 2.0% quarter-on-quarter to SGD398 billion (USD291 billion) in the third quarter (Q3) of 2018, up from SGD390 billion in the second quarter of 2018. The expansion was supported by growth in LCY government and corporate bonds. Total outstanding LCY government bonds increased 1.6% q-o-q in Q3 2018 to reach SGD241 billion at the end of September from SGD237 billion at the end of the previous quarter. LCY corporate bonds expanded 2.5% q-o-q in Q3 2018.

Policy, Institutional and Regulatory Developments

On 24 August, the Monetary Authority of Singapore and the Singapore Exchange joined Anquan, Deloitte, and Nasdaq as technology partners in developing delivery-versus-payment capabilities for settling securities that use a blockchain platform. The project aims to reduce settlement risk between buyers and sellers, and to increase operational efficiency.

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