INVESTING GLOBALLY & PROFITABLY
Singdollar bonds: Let quality carry and credit do more of the work
The external rate environment remains the most important source of uncertainty
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THE first half of 2026 was marked by a sharp reversal in interest-rate expectations. Markets initially entered the year anticipating further monetary easing, but the Middle East conflict and disruption to energy supplies have reignited inflation concerns.
Singapore Overnight Rate Average Overnight Indexed Swap (Sora-OIS) rates subsequently rose by around 45 to 60 basis points (bps) across the medium tenors in March, before partially retracing as oil prices eased.
Despite the abrupt repricing, Singapore bonds remained relatively resilient.
