SINGAPORE (June 8): UOB KayHian is maintaining its “overweight” on Singapore’s banking sector given the recent correction in the bond market as well as sustained strength in the US dollar.
In a Friday report, UOB analyst Jonathan Koh says the recent rise in government bond yields around the world is a US-centric phenomenon.
Koh attributes the rise to the record issuance of US treasury bills and government bonds to finance the enlarged budget deficit after the Trump administration cut corporate tax rate from 35% to 21%.
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