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Singapore: bonds

Singapore has one of the most developed bond markets in Asia. Based on MAS’ corporate debt market review, the market capitalisation was about SGD357 billion in 2011, of which about two-thirds were in SGD and the rest mostly in US dollars.
The SGD bond market is made up of Singapore Government Securities (SGS), quasi-government bonds, corporate bonds, and structured securities. The SGD bond market is fully accessible to all issuers and investors globally. There are no capital controls, hedging restrictions, or withholding taxes. As a result, the market’s profile is international in nature, with foreign entities accounting for more than a quarter of bond issuance. regulations were fine-tuned in 2009 to qualify high-grade securities issued by foreign entities as regulatory liquid assets. Since then, there has been an increase in issuances by well known AAA-rated foreign issuers such as the African Development Bank, kfW Bankengruppe, International Finance corp (IFc), and International Bank for reconstruction & Development (IBrD).
SGS is a major component of the SGD bond market. over the years, SGS has grown steadily from SGD43.2 billion outstanding in 2000 to SGD138.5 billion in 2011.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
SGD 39 186 100 000 000
corporate
SGD 374 107 827 414 850
USD 246 65 668 866 646
EUR 57 12 051 616 000
AUD 32 5 236 090 060
HKD 24 17 118 000 000
JPY 17 124 700 000 000
GBP 10 2 865 000 000
KRW 7 233 500 000 000
CNY 6 5 450 000 000
TRY 4 1 055 500 000
IDR 3 4 554 094 000 000
THB 2 7 220 000 000
RUB 2 800 000 000
MYR 2 1 000 000 000
PHP 2 1 855 350 000
INR 2 2 219 400 000
SEK 1 71 500 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
Japan Credit Rating Agency *** Foreign Currency Long-term Issuer Rating ***
Japan Credit Rating Agency *** Local Currency Long-term Issuer Rating ***
Registration required. Please log in or fill in the registration form.

Latest bond issues

issue ISIN coupon volume end of placement maturity date
Tuan Sing Holdings, 7.75% 19may2022, SGD (003) - Domestic bonds SGXF36892523 7.75% 65 000 000  SGD 05/19/2020 05/19/2022
Singapore, TB 17nov2020 6m - Domestic bonds SGXZ54113154 0% 3 600 000 000  SGD 05/14/2020 11/17/2020
Frasers Centrepoint Trust, 3.2% 11may2023, SGD - Domestic bonds SGXF41141973 3.2% 200 000 000  SGD 04/29/2020 05/11/2023
Singapore, TB 3nov2020 6m - Domestic bonds SGXZ19435908 0% 3 800 000 000  SGD 04/29/2020 11/03/2020
Singapore, TB 30apr2021 12m - Domestic bonds SGXZ37529781 0% 3 000 000 000  SGD 04/27/2020 04/30/2021
SATS, 2.6% 24apr2025, SGD - Domestic bonds SGXF55720563 2.6% 1 000 000 000  SGD 04/24/2020 04/24/2025
PSA International, 2.25% 30apr2030, USD - International bonds XS2134362529 2.25% 650 000 000  USD 04/23/2020 04/30/2030
BOC Aviation, 3.25% 29apr2025, USD - International bonds US09681MAM01 3.25% 1 000 000 000  USD 04/22/2020 04/29/2025
Singapore Technologies Engineering, 1.5% 29apr2025, USD - International bonds XS2163022739 1.5% 750 000 000  USD 04/22/2020 04/29/2025
Singapore, TB 20oct2020 6m - Domestic bonds SGXZ82421181 0% 3 500 000 000  SGD 04/16/2020 10/20/2020

Свалка

Daily indices

Type: 08/20/2013 08/19/2013 08/16/2013 08/15/2013 08/14/2013 08/13/2013 08/12/2013
ELMI Singapore 194.86 194.85 195.81 195.04 195.79 196.10 197.04
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Coronavirus

Daily indices

Type: 05/27/2020 05/26/2020 05/25/2020 05/24/2020 05/23/2020 05/22/2020 05/21/2020
Asia
[25813] Coronavirus confirmed cases in Singapore 32 343 32 343 31 960 31 616 31 068 30 426 29 812
[26147] Coronavirus deaths in Singapore 23 23 23 23 23 23 23
[26481] Coronavirus recovered in Singapore 16 444 16 444 15 738 14 876 13 882 12 995 12 117
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Domestic bonds outstanding volume

Monthly indices

Type: Apr 2020 Mar 2020 Feb 2020 Jan 2020 Dec 2019 Nov 2019 Oct 2019
Asia bond issues outstanding amount
[24659] Amount of outstanding issues of Singapore corporate bonds 76.7791 77.0131 79.5662 81.4049 81.4125 79.3106 79.3495
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GDP

Yearly indices

Type: 2019 2018 2017 2016 2015 2014
Government debt-to-GDP (Asia, excl. Japan)
[15379] Government Debt to GDP(Singapore) 126.00 112.20 110.60 112.00 104.70 99.30

Credit Default Swaps (CDS)

Daily indices

Type: 05/26/2020 05/25/2020 05/22/2020 05/21/2020 05/20/2020 05/19/2020 05/18/2020
CDS Singapore
[13575] CDS 6M Singapore 2.8400 2.9700 2.8900 2.9300 2.9800 3.0600 3.1100
[13637] CDS 1Y Singapore 5.0000 5.2100 5.0800 5.1500 5.3000 5.4700 5.5700
[13699] CDS 2Y Singapore 8.5400 8.8800 8.7400 8.8300 8.8900 9.3600 9.2900
[13761] CDS 3Y Singapore 12.5800 13.0300 12.9000 12.9100 12.9100 13.6700 13.3700
[13823] CDS 4Y Singapore 16.2000 16.6300 16.5100 16.5500 16.5700 17.4400 17.1500
[13885] CDS 5Y Singapore 20.0900 20.5000 20.3900 20.3000 20.5800 21.4100 20.9600
[13947] CDS 7Y Singapore 28.6500 29.0700 28.9200 28.6000 29.1000 30.0200 29.2100
[14009] CDS 10Y Singapore 34.0300 34.4500 34.2300 33.8500 34.4200 35.3200 34.3600
[14071] CDS 15Y Singapore 38.1000 38.4800 38.2300 37.9300 38.4700 39.3200 38.1800
[14133] CDS 20Y Singapore 40.7000 41.0900 40.8600 40.5900 41.1500 41.9800 40.6900
[14195] CDS 30Y Singapore 44.2300 44.6800 44.4600 44.2300 44.7800 45.5900 44.0600
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Historical yields

Daily indices

Type: 05/26/2020 05/22/2020 05/21/2020 05/20/2020 05/19/2020 05/18/2020 05/15/2020
10Y Government Bond Yields, Asia (excl. Japan)
[24291] Singapore 10Y YTM 0.716 0.695 0.693 0.678 0.719 0.694 0.710
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International bonds outstanding volume

Monthly indices

Type: Apr 2020 Mar 2020 Feb 2020 Jan 2020 Dec 2019 Nov 2019 Oct 2019
Asia international bonds outstanding volume
[21667] Singapore international bonds, USD bln 75.907 73.944 77.437 77.512 77.888 76.942 76.364
[21705] Singapore corporate international bonds, USD bln 75.907 73.944 77.437 77.512 77.888 76.942 76.364
[21743] Singapore sovereign international bonds, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
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Prices

Monthly indices

Type: Mar 2020 Feb 2020 Jan 2020 Dec 2019 Nov 2019 Oct 2019 Sep 2019
Inflation (Asia, excl. Japan)
[15743] Inflation Rate (Singapore) 0.00 0.30 0.80 0.80 0.60 0.40 0.50
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Default probability (based on CDS)

Daily indices

Type: 05/26/2020 05/25/2020 05/22/2020 05/21/2020 05/20/2020 05/19/2020 05/18/2020
Default Probability Singapore (Interactive Data)
[20365] 6M Default Probability Singapore 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300
[20427] 1Y Default Probability Singapore 0.0900 0.0900 0.0900 0.0900 0.1000 0.1000 0.1000
[20489] 2Y Default Probability Singapore 0.3000 0.3100 0.3100 0.3100 0.3100 0.3300 0.3300
[20551] 3Y Default Probability Singapore 0.6500 0.6700 0.6700 0.6700 0.6700 0.7100 0.7000
[20613] 4Y Default Probability Singapore 1.1100 1.1400 1.1300 1.1400 1.1400 1.2000 1.1800
[20675] 5Y Default Probability Singapore 1.7100 1.7500 1.7400 1.7400 1.7600 1.8300 1.7900
[20737] 7Y Default Probability Singapore 3.3900 3.4400 3.4300 3.3900 3.4500 3.5600 3.4700
[20799] 10Y Default Probability Singapore 5.6900 5.7600 5.7300 5.6700 5.7600 5.9100 5.7600
[20861] 15Y Default Probability Singapore 9.3800 9.4700 9.4100 9.3500 9.4800 9.6700 9.4100
[20923] 20Y Default Probability Singapore 13.1200 13.2400 13.1700 13.1000 13.2700 13.5200 13.1300
[20985] 30Y Default Probability Singapore 20.6200 20.7900 20.7100 20.6200 20.8500 21.1800 20.5400
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Interest Rate Swaps (IRS)

Daily indices

Type: 05/19/2020 05/18/2020 05/15/2020 05/14/2020 05/13/2020 05/12/2020 05/11/2020
IRS SGD
[19061] 6M SGD Swap Rate 0.383 0.453 0.493 0.505 0.497 0.475 0.478
[20221] 1M SGD Swap Rate 0.025 0.053 0.066 0.079 0.074 0.061 0.074
[20223] 3M SGD Swap Rate 0.185 0.206 0.232 0.238 0.231 0.254 0.264
[20267] O/N SGD Swap Rate -0.156 -0.059 0.004 -0.045 0.027 0.053 0.026
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New domestic bonds volume

Monthly indices

Type: Apr 2020 Mar 2020 Feb 2020 Jan 2020 Dec 2019 Nov 2019 Oct 2019
Asia new bond issues amount
[24657] Amount of new issues of Singapore corporate bonds 1.0199 0.1735 0.7747 1.3120 0.7486 0.9918 1.3186
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New international bonds volume

Yearly indices

Type: 2019 2018 2017 2016 2015 2014
Asia new international bonds volume
[19475] Annual new issues of Singapore sovereign international bonds, USD bln 0.000 0.000 0.000 0.000 0.000 0.000
[19513] Annual new issues of Singapore corporate international bonds, USD bln 13.918 21.329 22.911 14.609 15.131 13.628
[19551] Annual new issues of Singapore corporate international bonds, (financial sector) USD bln 8.935 17.406 14.206 10.906 9.529 9.544
[19589] Annual new issues of Singapore corporate international bonds, (non-financial sector) USD bln 4.983 3.923 8.705 3.704 5.602 4.083

Risk Management Institute

Daily indices

Type: 05/25/2020 05/22/2020 05/21/2020 05/20/2020 05/19/2020 05/18/2020 05/14/2020
RMI CVI - Asia
[4919] Singapore CVI value weighted  14.15 14.15 13.49 13.79 13.63 14.19 14.60
[4921] Singapore CVI tail  272.00 272.00 243.41 275.87 281.50 278.87 282.34
[4923] Singapore CVI equally weighted  64.31 64.41 62.40 65.66 65.18 66.49 70.63
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New domestic bonds number

Monthly indices

Type: Apr 2020 Mar 2020 Feb 2020 Jan 2020 Dec 2019 Nov 2019 Oct 2019
Asia new bond issues number
[24655] Number of new issues of Singapore corporate bonds 3 2 4 8 4 4 6
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
BOC Aviation, 3.93% 11may2025, SGD   SGD 05/11/2025 05/26/2020 ***.**** *.** 05/26/2020 ***.**** *.**
BOC Aviation, 4.375% 2may2023, USD   USD 05/02/2023 05/26/2020 ***.*** *.** 05/26/2020 ***.*** *.**
Capitaland, 1.95% 17oct2023, SGD (Conv.)   SGD 10/17/2023 05/26/2020 **.* *.** 05/26/2020 **.** *.*
Capitaland, 2.8% 8jun2025, SGD (Conv.)   SGD 06/08/2025 05/26/2020 **.** *.** 05/26/2020 **.** *.**
Capitaland, 3.15% 18dec2020, SGD   SGD 12/18/2020 05/26/2020 ***.**** *.** 05/26/2020 ***.*** *.**
Capitaland, 4.076% 20sep2022, USD   USD 09/20/2022 05/26/2020 ***.*** *.** 05/26/2020 ***.*** *.**
CapitaLand Mall Trust, 2.77% 5feb2027, HKD   HKD 02/05/2027 05/26/2020 **.**** *.** 05/26/2020 **.**** *.**
CapitaLand Mall Trust, 3.25% 12may2025, HKD   HKD 05/12/2025 05/26/2020 ***.**** *.** 05/26/2020 ***.**** *.**
OCBC, 4.25% 19jun2024, USD   USD 06/19/2024 05/26/2020 ***.*** *.** 05/26/2020 ***.* *.**
Olam International, 7.50% 12aug2020, USD   USD 08/12/2020 05/26/2020 ***.** *.** 05/26/2020 ***.*** *.**
PSA International, 3.875% 11feb2021, USD   USD 02/11/2021 05/26/2020 ***.*** *.** 05/26/2020 ***.*** *.**
Puma Energy Holdings, 4.5% 14may2024, EUR   EUR 05/14/2024 05/26/2020 **.**** * 05/26/2020 **.**** *
SingTel, 3.25% 30jun2025, USD   USD 06/30/2025 05/26/2020 ***.**** *.** 05/26/2020 ***.*** *.**
SingTel, 3.50% 15sep2020, EUR   EUR 09/15/2020 05/26/2020 ***.*** *.** 05/26/2020 ***.*** *.**
SingTel, 4.5% 8sep2021, USD   USD 09/08/2021 05/26/2020 ***.*** *.** 05/26/2020 ***.**** *.**
SingTel, 7.375% 1dec2031, USD   USD 12/01/2031 05/26/2020 ***.*** *.** 05/26/2020 ***.*** *.**
SP Powerassets, 2.7% 14sep2022, USD   USD 09/14/2022 05/26/2020 ***.*** *.** 05/26/2020 ***.*** *.**
TBG GLOBAL PTE LTD, 5.25% 10feb2022, USD   USD 02/10/2022 05/26/2020 **.* *.** 05/26/2020 ***.* *.**
Temasek Holdings, 2.375% 23jan2023, USD   USD 01/23/2023 05/26/2020 ***.*** *.** 05/26/2020 ***.*** *.**
Temasek Holdings, 3.375% 23jul2042, USD   USD 07/23/2042 05/26/2020 ***.*** *.** 05/26/2020 ***.*** *.**
Temasek Holdings, 4.625% 26jul2022, GBP   GBP 07/26/2022 05/26/2020 ***.** *.** 05/26/2020 ***.** *.**
Temasek Holdings, 5.125% 26jul2040, GBP   GBP 07/26/2040 05/26/2020 ***.** *.** 05/26/2020 ***.** *.**
Temasek Holdings, 5.375% 23nov2039, USD   USD 11/23/2039 05/26/2020 ***.** *.** 05/26/2020 ***.** *.**
United Overseas Bank, 0% 2jun2045, USD (11074D)   USD 06/02/2045 05/26/2020 **.** *.** 05/26/2020 **.** *.**
United Overseas Bank, 0% 6jul2045, USD (10958D)   USD 07/06/2045 05/26/2020 **.** *.** 05/26/2020 **.** *.**
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