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Singdollar bonds: Positioning amid the mega trends

Andrew Wong, Ezien Hoo, Wong Hong Wei and Toh Su N
Andrew Wong, Ezien Hoo, Wong Hong Wei and Toh Su N1/6/2022 11:43 PM GMT+08  • 8 min read
Singdollar bonds: Positioning amid the mega trends
2021 was a stand-out year for the Singapore corporate bond market.
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2021 was a stand-out year for the Singapore corporate bond market. Issuances hit a nine-year high with total issuances of $25.3 billion on the back of a stronger macroeconomic outlook and deep liquidity in the market. It is understandable that most companies have yet to recover their pre-pandemic profitability, but unlike many firms in the Asia dollar space (Evergrande is quick to come to mind), no Singdollar (SGD) issuer defaulted last year.

Mega trends to steer the market

We look to 2022 with a stronger sense of optimism as countries are better prepared against the pandemic. However, several mega-trends which accelerated post-pandemic are expected to persist and steer the market. We highlight three mega-trends: (i) shifts in business profile, (ii) growth of the Green, Social, Sustainability and Sustainability-linked (GSSSL) market and (iii) a higher inflation/ interest rate environment.

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