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Singapore

Market Watch
Close of
August 13, 2020
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 0.241 0.2 ▲ 1.9 128.7
5 Year 0.476 3.0 1.7 108.3
10 Year 0.872 1.3 ▲ 3.5 87.1

* Government bond yield changes are expressed in basis points.

More details

Currencies Latest Rate Previous Day Previous Week YTD
SGD per USD 1.373 0.1 0.3 2.0
SGD per JPY 0.013 0.0 ▲ 1.0 3.6

* 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 2019-08-23
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 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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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 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 all tenors between 28 February and 15 May. Yields of shorter-term tenors (from 3 months to 1 year) declined an average of 134 basis points (bps). Yields of longer-term tenors (from 2 years to 30 years) decreased an average of 68 bps. The downward shift in the yield curve occurred amid policy easing by Monetary Authority of Singapore (MAS) meant to support the domestic economy amid disruptions cause by the coronavirus disease (COVID-19). The yield spread between 2-year and 10-year government bonds expanded from 11 bps to 48 bps during the review period.

Size and Composition

The LCY bond market of Singapore expanded 2.2% quarter-on-quarter (q-o-q) in the first quarter of 2020, reaching a size of SGD467.2 billion (USD328.5 billion), supported by expansions in LCY government and corporate bonds. The LCY government bond market grew 2.5% q-o-q as outstanding Singapore Government Securities bills and bonds, and MAS bills increased. Meanwhile, LCY corporate bonds outstanding jumped 1.7% q-o-q supported by increased outstanding corporate bonds in the real estate industry.

Policy, Institutional and Regulatory Developments

On 7 April, MAS adjusted downward the net stable funding ratio requirement to 25% from 50%. MAS also allowed financial institutions to factor in the government's fiscal assistance and banks' relief measures in accounting loan loss allowance. Furthermore, the implementation of Basel III reforms for Singapore banks has been deferred for 1 year. The adjustments in regulatory and supervisory measures are meant to support financial institutions as they deal with the impacts of the COVID-19 pandemic.

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