Chinese borrowers go for S$ bonds

Singapore

SINGAPORE's bond market is getting a boost from Chinese borrowers tapping the island's millionaires for record amounts at rates almost 30 per cent cheaper than home.

Private investors in Singapore took almost all of the S$380 million of local dollar-denominated notes sold by mainland Chinese companies excluding banks last month, according to people familiar with the matter. Offerings in the currency by all Chinese borrowers rose to S$1.7 billion this year, almost double such sales for the whole of 2013, according to data compiled by Bloomberg.