Singapore's corporate debt market continued a growth trend by registering 18 percent year-on- year growth to 272.4 billion Singapore dollars (217.9 billion U.S. dollars) by end of 2013, the Monetary Authority of Singapore (MAS) said on Friday.
Total debt issuance increased by 38 percent to 185.5 billion Singapore dollars (148.4 billion U.S. dollars), driven mainly by an 82-percent increase in short-term debt issuance, the MAS added.
The commencement of Renminbi (RMB) clearing arrangements in May last year has helped to catalyze Singapore's offshore RMB bond market. Five offshore RMB bonds, totaling 4.5 billion yuan, successfully came to market in 2013. These Lion City bonds were very well subscribed, and saw strong demand in Asia, including among Singapore investors.
The SGD share of corporate debt issuance dropped from 24 percent in 2012 to 14 percent in 2013, and non-SGD corporate debt issuance accounted for 86 percent of total debt issuance in 2013, rising from 76 percent in 2012, the MAS said.
