Stable income opportunities in Singdollar bonds
They offer resilience, underpinned by a solid issuer base and a durable economy
LAST year tested – and proved – the resilience of the Singapore dollar bond market. The year 2025 opened with benchmark rates at a brief high. As the months unfolded, rates began a steady descent, largely in step with major developed-market central banks.
The Singapore Overnight Rate Average (Sora) Overnight Indexed Swap curve mirrored this trend, slipping lower in a measured fashion, led by a sharp decline in short-term yields.
Six-month Sora fell by nearly 150 basis points, while the 10-year dipped around 50 basis points, leaving the curve noticeably steeper by year-end.
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