Local bonds surge as interest rates fall sharply
Markets now pricing in no rate hikes by Fed until towards the end of the year
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Singapore
LOCAL bond prices are hitting new highs as interest rates fall sharply.
In particular, the three-month swap offer rate used on commercial loans continued to plunge, down to 0.90 per cent on Tuesday; it's now almost 50 per cent down from the 1.76 per cent high on Jan 13. The three-month Sibor or Singapore interbank offered rate, used to price home loans, fell slower - to 1.17 per cent on Wednesday against this year's high of 1.125 per cent on Jan 19.
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