Looking to tap the rooster's call
Singapore's bond market is certainly on the right track with market deepening taking place surely and steadily.
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SINGAPORE dollar (SGD) denominated bond issuances in 2016 totalled S$18 billion, which translates to a 9 per cent decline year on year compared to the year before. This decline is particularly marked when compared to global volumes which grew 9 per cent.
A number of macro factors were behind the decline: investor concerns over the global economy and event risks such as the US elections, including the anticipation of rate hikes by the Fed (which eventually raised rates by 25 basis points in December) were key. With the strengthening US dollar (USD), investors were driven to pursue the yield pick-up in USD-denominated bonds and for borrowers, SGD-denominated bonds became relatively more expensive to issue.
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