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Singapore

Market Watch
Close of
October 22, 2020
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 0.221 ▲ 0.4 ▲ 1.4 130.7
5 Year 0.467 1.0 0.1 109.2
10 Year 0.859 0.7 2.3 88.4

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
SGD per USD 1.357 0.2 ▲ 0.2 0.8
SGD per JPY 0.013 ▲ 0.1 0.3 4.4

* 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

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
  • 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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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 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

Movements in the local currency (LCY) government bond yields in Singapore were mixed between 15 June and 15 August. Yields of shorter-term tenors (from 3 months to 1 year) increased an average of 4 basis points (bps) as demand declined because of Monetary Authority of Singapore's (MAS) lowering of banks' net stable funding ratio requirement. On the other hand, yields of longer-term tenors (from 2 years to 30 years) decreased an average of 3 bps, driven by MAS' decision in March to reduce the appreciation rate of the Singapore dollar nominal effective exchange rate policy band. The yield spread between 2-year and 10-year government bonds expanded from 62 bps to 65 bps during the review period.

Size and Composition

The LCY bond market of Singapore expanded 2.9% quarter-on-quarter (q-o-q) in the second quarter of 2020, reaching a size of SGD480.6 billion (USD344.9 billion), supported by expansions in LCY government and corporate bonds. The LCY government bond market grew 4.4% q-o-q as outstanding Singapore Government Securities bills and bonds, and MAS bills increased. Meanwhile, LCY corporate bonds outstanding jumped 0.3% q-o-q supported by increased outstanding corporate bonds in the real estate and transportation industry.

Policy, Institutional and Regulatory Developments

On 5 August, MAS announced various initiatives to support the use of the Singapore Overnight Rate Average (SORA) as a benchmark in the Singapore financial market. SORA-based notes have been issued by MAS beginning 21 August. MAS also prescribed the use of SORA as a benchmark under the Securities and Futures Act.

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