Government of Singapore Investment Corp., a sovereign wealth fund with US$100 billion ($128.4 billion) of reserves, bought some of the European debt issued to finance Ireland’s bailout, Deputy Chairman Tony Tan said.

“We believe the bond is relatively safe given how it’s structured and it gives us reasonable yield,” Tan said in an interview at the World Economic Forum in Davos, Switzerland. GIC will consider buying more European rescue debt in future sales, he said.

The pledge by Japan and China to buy European debt has encouraged Asian funds to follow suit. The Japanese government bought more than 20% of the 5 billion euros ($8.79 billion) of bonds sold by European Financial Stability Facility on Jan. 25. Asian investors bought about 38%, according to two people familiar with the transaction.

The top-ranked securities, backed by euro-region government guarantees, attracted 44.5 billion euros of orders.

The EFSF will give the money to Ireland on Feb. 1, after the country asked for a loan of 3.3 billion euros. The remaining proceeds will be retained as a cash buffer to ensure the fund’s AAA rating, the EFSF said in a statement on the day of the sale.