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Market Watch
Close of
September 19, 2018
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 1.973 ▲ 2.4 ▲ 8.0 ▲ 32.5
5 Year 2.281 ▲ 4.5 ▲ 11.3 ▲ 60.5
10 Year 2.520 ▲ 4.1 ▲ 7.7 ▲ 51.6

* Government bond yield changes are expressed in basis points.

More details

Currencies Latest Rate Previous Day Previous Week YTD
SGD per USD 1.369 ▲ 0.1 ▲ 0.2 2.5
SGD per JPY 0.012 ▲ 0.1 ▲ 1.1 2.8

* 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
Previous 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 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 March and 15 May, local currency (LCY) government bond yields in Singapore rose for all tenors. The yield for 2-year Singapore Government Securities (SGS) bonds increased the most at 30 basis points. Singapore’s interest rates mainly tracked interest rate movements in the United States (US) during the review period; all tenors on the US yield curve likewise increased between 1 March and 15 May. The slower rise at the long-end of the curve signaled that investors believe long-term growth prospects are little changed by recent developments.

Size and Composition

Singapore’s LCY bonds outstanding amounted to SGD376 billion (USD287 billion) at the end of March, an expansion of 3.7% quarter-on-quarter and 8.2% year-on-year. The expansion was supported mainly by the increase in outstanding government bills and bonds. LCY government bonds expanded to SGD230 billion at the end of March, while outstanding LCY corporate bonds increased to SGD146 billion.

Policy, Institutional and Regulatory Developments

On 2 May, the Monetary Authority of Singapore announced new regulations, effective 1 October, that will require over-the-counter derivatives to be cleared through central counterparties. The regulations are meant to mitigate the credit risk of nonstandard derivatives. The regulations will cover the widely traded Singapore and US dollar fixed-for-floating interest rate swaps, and will require banks with gross notional outstanding over-the-counter derivative transactions exceeding USD20 billion to clear their trades with central counterparties regulated by the Monetary Authority of Singapore.

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