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Singapore

Market Watch
Close of
October 12, 2018
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 2.038 1.3 ▲ 1.9 ▲ 39.0
5 Year 2.345     0.0 ▲ 0.3 ▲ 66.9
10 Year 2.583 ▲ 0.2 1.9 ▲ 57.9

* Government bond yield changes are expressed in basis points.

More details

Currencies Latest Rate Previous Day Previous Week YTD
SGD per USD 1.378 0.1 ▲ 0.3 3.2
SGD per JPY 0.012 0.1 1.0 3.6

* 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 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 June and 15 August, Singapore’s local currency (LCY) bond yields decreased for all maturities except the 3-month and 12-month tenors, which increased 9 basis points (bps) and 4 bps, respectively. Singapore’s yields tracked interest rate movements in the United States (US) where short-term tenors increased and long-term tenors declined during the review period. Short-term rates in Singapore also increased due to tightening liquidity in the domestic banking system, as evidenced by rising loan-to-deposit ratios and a narrowing differential between the 1-month and 3-month yields. For long-term tenors, Singapore yields dropped following US Treasury yields’ decline after the People’s Republic of China announced potential tariffs in response to tariffs imposed by the US on Chinese goods.

Size and Composition

The Singapore LCY bond market grew 1.8% quarter-on-quarter to SGD383 billion (USD281 billion) in 2018, up from SGD376 billion in Q1 2018. The expansion was supported by growth in LCY government bonds, compensating for the slight decline in LCY corporate bonds.

Policy, Institutional and Regulatory Developments

On 7 June, the International Finance Corporation and the Monetary Authority of Singapore signed a memorandum of understanding to promote green bonds in Asia and the Pacific. They will hold capacity building programs to improve awareness and knowledge of green financing issuances, and will promote international best practices and frameworks related to green bonds.

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