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Singapore

Market Watch
Close of
October 17, 2019
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 1.594 ▲ 1.1 ▲ 4.0 28.9
5 Year 1.626 ▲ 3.0 ▲ 5.0 27.9
10 Year 1.720 ▲ 1.6 ▲ 6.2 32.1

* Government bond yield changes are expressed in basis points.

More details

Currencies Latest Rate Previous Day Previous Week YTD
SGD per USD 1.365 ▲ 0.4 ▲ 0.8 0.1
SGD per JPY 0.013 ▲ 0.3 ▲ 1.4 1.1

* 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 gAAA stable 2018-08-29
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
  • 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
  • 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 regions 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
2019 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

Between 1 June and 15 August, Singapore's local currency (LCY) government bond yields declined for all tenors. However, short-term yields remain elevated due to the impacts of tightened liquidity. The yield curve for LCY government bonds shifted downward during the review period, following the movement of government bond yields in the United States as demand for safe-haven assets increased. Singapore's investors' flight to safety was triggered by the escalating trade war between the People's Republic of China and the United States, a weak global economic growth outlook, and the slowing domestic economy threatening the prospects of trade-dependent Singapore. The yield spread between 2-year and 10-year government bonds contracted during the review period, adding to concerns that Singapore may be entering a recession.

Size and Composition

Singapore's LCY bond market expanded 2.3% quarter-on-quarter (q-o-q) in the second quarter of 2019 to SGD429.2 billion (USD317.2 billion) from SGD419.7 billion in the first quarter of 2019. The growth corresponds to a 9.9% year-on-year jump from SGD390.4 billion in the second quarter of 2018. The rise in the LCY bond market was supported by the growth of both LCY government and corporate bonds, which expanded 2.7% q-o-q and 1.7% q-o-q, respectively.

Policy, Institutional and Regulatory Developments

On 24 May, the Monetary Authority of Singapore announced that it would gradually replace 24-week Monetary Authority of Singapore bills with 6-month Singapore Government Securities (SGS) bills starting in July. The switch was spurred by the SGS market's continued growth and development, with recent years seeing a steady increase in outstanding SGS bills and bonds. The growth was attributed to demand from financial institutions for high-quality liquid assets and from retail investors for Singapore Savings Bonds. The switch was also meant to meet the demands of an expanding investor base for short-term SGD-denominated securities as SGS bills become more accessible to a wider range of investors such as asset managers, corporations, and retail investors.

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