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Singapore

Market Watch
Close of
July 22, 2019
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 1.707 ▲ 2.5 ▲ 1.8 17.6
5 Year 1.758 ▲ 1.4 2.1 14.7
10 Year 1.948 0.1 4.5 9.3

* Government bond yield changes are expressed in basis points.

More details

Currencies Latest Rate Previous Day Previous Week YTD
SGD per USD 1.361 0.0 0.3 ▲ 0.1
SGD per JPY 0.013 ▲ 0.1 0.4 1.5

* 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 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
2019 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 March and 8 May, Singapore's local currency (LCY) bond yields increased for maturities from 3 months to 1 year, while they declined for tenors from 2 year to 30 years. The trade war between the People's Republic of China and the United States has weakened the Singapore dollar, resulting in declining liquidity and increased borrowing costs in the short-term. On the other hand, the overall decline in Singapore's yields may be attributed to the prospect of slower growth in the economy.

Size and Composition

The Singapore LCY bond market grew 4.2% quarter-on-quarter (q-o-q) in the first quarter (Q1) of 2019 to reach SGD420 billion (USD310 billion) at the end of March, up from SGD403 billion at the end of the fourth quarter of 2018. The expansion was supported by growth in both the government and corporate bond sectors. Total outstanding LCY government bonds increased 4.5% q-o-q in Q1 2019 to reach SGD256 billion at the end of March, up from SGD244 billion at the end of the previous quarter. LCY corporate bonds expanded 3.7% q-o-q in Q1 2019. On a year-on-year basis, corporate bonds grew 6.9% to SGD164 billion from SGD58 billion in Q4 2017.

Policy, Institutional and Regulatory Developments

In February, the Monetary Authority of Singapore and the European Commission agreed to support reforms allowing derivatives to be traded between Singapore and the European Union through each other's trading platforms. The agreement specifies that participants must comply with both European Union and Singaporean regulations when they trade derivatives in each other's markets.

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