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Singapore

Market Watch
Close of
November 19, 2019
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 1.473 1.6 4.7 41.0
5 Year 1.611 1.7 3.6 29.4
10 Year 1.763 1.6 6.1 27.8

* 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 ▲ 0.1 ▲ 0.1
SGD per JPY 0.013 0.2 0.4 0.9

* 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 regionís 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 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

Between 31 August and 15 October, Singapore's local currency (LCY) government bond yields declined for all tenors. The slightly falling yields at the shorter end of the yield curve reflected improving liquidity, supported by the declining 6-month swap offer rate, which is a benchmark borrowing cost for offshore investors. Yields of longer-term tenors recorded smaller declines. The yield curve for Singapore LCY government bonds shifted downward during the review period amid policy easing by Monetary Authority of Singapore. Investors' flight to safety contributed as well, spurred by a weak global economic growth outlook and geopolitical risks in the region.

Size and Composition

Singapore's LCY bond market expanded 4.9% quarter-on-quarter in the third quarter of 2019 to reach SGD445.6 billion (USD322.4 billion) at the end of September from SGD424.7 billion at the end of June. On an annual basis, growth was up 11.9%. The rise in the LCY bond market was supported by growth in both government and corporate bonds, which accounted for 62.2% and 37.8%, respectively, of total LCY bonds outstanding at the end of the third quarter of 2019.

Policy, Institutional and Regulatory Developments

On 6 August, Monetary Authority of Singapore issued new rules to enhance the cyber resilience of the financial sector. These rules are meant to manage the risks of cyber threats. Financial institutions are required to develop and implement security measures for their information technology systems. They must also ensure timely responses to security flaws in their system, preventing external attacks and malware risks. Industry players are expected to develop measures that prevent unauthorized access to data, enhance the security of access to accounts, and improve user authentication and access to customer information.

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