The Asset Events

Sweetening the SGD bond market

August 29 2017 - Singapore

In an effort to encourage the issuance of rated bonds in the Singapore-dollar (SGD) bond market, the Monetary Authority of Singapore (MAS) has launched an SGD Credit Rating Grant. Over a five-year period, the grant will help unrated Asian issuers offset issuance costs including rating fees. Greater availability of credit ratings is expected to boost market transparency and attract a broader pool of investors into the domestic bond market. But strong private banking demand – amid a quest for high yields – continues to drive the supply of unrated bonds in the city-state. Currently, about half of the outstanding volume of SGD bonds are unrated. Are grants the answer to Singapore’s debt capital market challenges? What are the long-term fixes?

  • How does 2017 issuance in the SGD bond market compare to 2016 issuance? What factors are driving the activity in 2017?
  • How will ratings impact the pricing of a bond by an inaugural issuer as opposed to a repeat issuer? Does a rating per se guarantee the issuer a better outcome?
  • Are investors willing to go down the credit curve to achieve high yields amid more rated issuances?
  • What does the new MAS incentive mean for the industry as well as private banking clients?
  • Should we expect more private banking clients go for rated deals going forward?
  • How big is the foreign issuer base in SGD bond market? How does that compare to the unrated/rated universe? Is the credit rating grant more beneficial to smaller issuers than the bigger players – or both?
  • Are unrated bond deals attracting institutional investors in the SGD bond market?
  • Which types of issuers and asset classes are popular among SGD bond institutional investors? How popular are perpetual bonds among SGD bond institutional investors and why?
One Raffles Quay South Tower Singapore
Date: August 29 2017
9am to 11am


Todd Schubert
Todd Schubert
Head of Fixed Income Research
Bank of Singapore
Amit Ganju
Amit Ganju
Senior Director, Head of Business & Relationship Management Group
Fitch Ratings
Gopul Shah
Gopul Shah
Director, Corporate Treasury & Structured Trade Finance,
Golden Agri-Resources
Richard Lai
Group Chief Financial Officer
GuocoLand Limited
Gopul Shah
Evi Farida
Deputy Director, Head, Domestic Markets Division, Monetary and Domestic Markets Management Department
Monetary Authority of Singapore
Woon Khien Chia
Chia Woon Khien
Senior Portfolio Manager
Nikko Asset Management
Alexander Zeeh
Alexander Zeeh
Chief Executive Officer
S.E.A. Asset Management
Raymond Chia
Raymond Chia
Head of Asian Credit Research, Asian Fixed Income,
Schroder Investment Management
Raj Malhotra
Raj Malhotra
Head of DCM, SE Asia, India & Australasia
Societe Generale
Devinda Paranathanthri
Devinda Paranathanthri
Director, APAC Credit
UBS Wealth Management
Daniel Yu
Daniel Yu
The Asset

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