Singapore bond market still sizzling as rates rise

Singapore

THE local bond market continues to sizzle even as interest rates rise to multi-year highs. In the first three weeks of March, over S$2.4 billion was raised from 16 issues against S$1.6 billion and 13 deals in the same period last year.

The key 3-month Sibor or Singapore interbank offered rate on Tuesday stood at slightly over one per cent, 2.2 times higher than 0.45 per cent at the beginning of the year. At one per cent, it has surged to a level not seen since December 2008.