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Singapore Parliament
A parliamentary motion to raise this limit, under the Government Securities (Debt Market and Investment) Act (GSA), was passed on Tuesday (Nov 12).
The new limit is expected to last until 2029, said Second Minister for Finance Chee Hong Tat.
Dua Liao?? Kym??
More Singapore Savings Bonds, T-Bills to be issued as government raises borrowing limit to S$1.515 trillion
More than 60% of the S$450 billion increase will be primarily issued for CPF’s investment needs
Elysia Tan
Published Tue, Nov 12, 2024 · 06:47 PMSingapore Parliament
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- The issuance limit was last raised in 2021, from S$690 billion to S$1.065 trillion. PHOTO: BT FILE
- The issuance limit was last raised in 2021, from S$690 billion to S$1.065 trillion. PHOTO: BT FILE
- The issuance limit was last raised in 2021, from S$690 billion to S$1.065 trillion. PHOTO: BT FILE
- The issuance limit was last raised in 2021, from S$690 billion to S$1.065 trillion. PHOTO: BT FILE
- The issuance limit was last raised in 2021, from S$690 billion to S$1.065 trillion. PHOTO: BT FILE
A parliamentary motion to raise this limit, under the Government Securities (Debt Market and Investment) Act (GSA), was passed on Tuesday (Nov 12).
The new limit is expected to last until 2029, said Second Minister for Finance Chee Hong Tat.
CPF investment, market development
More than 60 per cent of the S$450 billion increase is expected to be issued as Special Singapore Government Securities (SSGS), mainly to meet the investment needs of the Central Provident Fund (CPF).CPF monies are invested in SSGS, which are fully guaranteed by the government. This provides the assurance that the CPF Board can pay the interest committed and monies due to CPF members.
“We expect CPF balances to continue increasing over the next five years due to growth in wages and CPF policy enhancements,” said Chee. This will mean a rise in CPF’s investment needs, and thus more issuances of SSGS.
Total debt issued in S’pore grows 10.5% y-o-y to $556 bil in 2023 from multinationals’ financing needs
Nicole Lim18 July 2024 2 min read
https://trc.taboola.com/yahoo-finan...kxBlushpkW8QOMtYjkryDFxmgoi_yrkqzvhPucATDdll8
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MAS attributes this in part to local banks’ increased interest and capacity amid stronger earnings from their lending businesses.
Despite high interest rates, the total outstanding debt arranged by financial institutions in Singapore registered a 10.5% y-o-y increase to $566 billion last year, driven by financing needs from multinational enterprises (MNEs) in Singapore.
According to the annual corporate debt market survey by the Monetary Authority of Singapore (MAS), new issuances rose 21% y-o-y to $230 billion in 2023. Singapore dollar-denominated bonds and US dollar-denominated bonds remained the main currencies for issuances.
In 2023, financial institutions issued an additional $13 billion bonds y-o-y, with a corresponding 31.8 percentage point (ppt) increase in the proportion of Singapore dollar issuances by financial institutions compared to 2022.
MAS attributes this in part to local banks’ increased interest and capacity amid stronger earnings from their lending businesses. This, together with issuance from corporations, offset the $7.4 billion y-o-y decline in statutory board issuance.
Non-Singapore dollar bond issuance volume grew $64 billion y-o-y, and the share of non-Singapore dollar bond issuances rose 31 ppts to 41.8%.
MAS says this was driven by an increase in issuance volumes from global corporations based in Singapore. For example, Pfizer Investment Enterprises announced a $31 billion multi-tranche issue in the first half of 2023.
In 2023, financial institutions issued an additional $13 billion bonds y-o-y, with a corresponding 31.8 percentage point (ppt) increase in the proportion of Singapore dollar issuances by financial institutions compared to 2022.
MAS attributes this in part to local banks’ increased interest and capacity amid stronger earnings from their lending businesses. This, together with issuance from corporations, offset the $7.4 billion y-o-y decline in statutory board issuance.
Non-Singapore dollar bond issuance volume grew $64 billion y-o-y, and the share of non-Singapore dollar bond issuances rose 31 ppts to 41.8%.
MAS says this was driven by an increase in issuance volumes from global corporations based in Singapore. For example, Pfizer Investment Enterprises announced a $31 billion multi-tranche issue in the first half of 2023.
Financial institutions continued to tap into our multi currency bond market and raised funding in various currencies such as US dollar, Australian dollar, pound sterling, Hong Kong dollar and euro, to support their business needs,” says MAS.
Between 2004 and 2023, issuance volumes in Singapore’s foreign currency bond market grew at a CAGR of about 10%, higher than the global bond market’s growth of 1%.
MAS attributes its strength as a fundraising centre to its full accessibility to the bond market to all issuers and investors, strong investor demand from asset and fund managers in Singapore, and the well-developed ecosystem of key debt capital market teams and professional service providers in Singapore.
Between 2004 and 2023, issuance volumes in Singapore’s foreign currency bond market grew at a CAGR of about 10%, higher than the global bond market’s growth of 1%.
MAS attributes its strength as a fundraising centre to its full accessibility to the bond market to all issuers and investors, strong investor demand from asset and fund managers in Singapore, and the well-developed ecosystem of key debt capital market teams and professional service providers in Singapore.
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