The Business Times
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HOCK LOCK SIEW

Singapore’s covered bond boom is largely a DBS story

The market has grown rapidly, but a closer look shows the three local banks are using this funding tool very differently

Summarise
Renald Yeo

Renald Yeo

Published Wed, Sep 16, 2026 · 07:00 AM
    • Covered bonds issuance hit a record S$11 billion in 2025, while the outstanding market has expanded at a compound annual growth rate of 15% since 2021.
    • Covered bonds issuance hit a record S$11 billion in 2025, while the outstanding market has expanded at a compound annual growth rate of 15% since 2021. PHOTO: TAY CHU YI, BT

    [SINGAPORE] A relatively quiet corner of Singapore’s debt market has been growing at a steady clip.

    Covered bonds outstanding reached S$29.8 billion in 2025, up from S$17.3 billion four years earlier, the Monetary Authority of Singapore (MAS) said in its latest annual update on the corporate debt market released on Monday (Sep 14).

    Issuance hit a record S$11 billion last year, while the outstanding market has expanded at a compound annual growth rate of 15 per cent since 2021.

    Hock Lock SiewDBSOCBCUOBBondsSingapore banksBankingMonetary Authority of Singapore

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