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Singapore

Market Watch
Close of
January 22, 2021		 Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 0.312 ▲ 0.2 ▲ 5.2 ▲ 1.8
5 Year 0.491 ▼ 0.9 ▲ 2.1 ▲ 2.9
10 Year 1.013 ▼ 1.6 ▲ 5.5 ▲ 16.9

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
SGD per USD 1.329 ▼ 0.4 ▲ 0.1 ▼ 0.5
SGD per JPY 0.013 ▼ 0.2 ▲ 0.0 ▲ 0.0

* Exchange rate changes are expressed as a percentage change.

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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 S 2019-09-09
RAM gAAA S 2018-08-29
Non-Regional Rating Institutions
Fitch AAA S 2020-08-14
S&P AAA S 2018-04-30

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  • Size of LCY Bond Market
  • Size of LCY Bond Market in % of GDP
  • Monthly Bonds Outstanding in USD
  • FCY Bonds Outstanding
  • Breakdown of LCY 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
  • Bid-Ask Spreads (Survey data)
  • Government Bond Market Structural Issues
  • Corporate Bond Market Structural Issues

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. View Report

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ASEAN+3 Multi-Currency Bond Issuance Framework

Implementation Guidelines for Singapore
August 2015

The ASEAN+3 Multi-Currency Bond Issuance Framework (AMBIF) Implementation Guidelines for Singapore are provided to review the AMBIF Elements and detail the corresponding featur​es of Singapore market in relation to each element.

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* Download previous issues PDF
2020 Nov Sep Jun Mar
2019 Nov Sep Jun Mar
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

Local currency (LCY) government bond yields in Singapore declined for most tenors between 31 August and 30 October. Yields of shorter-term tenors (from 3 months to 1 year) decreased an average of 1 basis point (bp). On the other hand, yields of longer-term tenors (from 5 years to 30 years) declined an average of 20 bps. The downward shift in the yield curve was driven by Monetary Authority of Singapore's (MAS) monetary policy easing that weakened the exchange rate and arrested consumer price inflation to combat the effects of the coronavirus disease (COVID-19) pandemic. The yield spread between 2-year and 10-year government bonds contracted from 77 bps to 56 bps during the review period.

Size and Composition

The LCY bond market of Singapore expanded 1.8% quarter-on-quarter (q-o-q) in the third quarter of 2020, reaching a size of SGD489.5 billion (USD358.5 billion), supported by expansions in LCY government and corporate bonds. The LCY government bond market grew 2.0% q-o-q as outstanding MAS bills increased. Meanwhile, LCY corporate bonds outstanding jumped 1.6% q-o-q supported by increased outstanding corporate bonds in the real estate and finance industry.

Policy, Institutional and Regulatory Developments

On 28 September, MAS launched a Singapore Dollar Term Facility to allow financial institutions to borrow SGD-denominated funds at long tenors. This compliments the overnight MAS Standing Facility which offers funds of short-term tenors. MAS also improved its US Dollar Facility by allowing banks to borrow United Stated dollars while pledging collaterals denominated in Singapore dollars.

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