Chart of the Day: Which sector dominated Singapore's bond market in Q1?

This sector raised US$2.6b from the debt capital markets.

The financial sector emerged as the top bond issuing industry in Q1 after raising US$2.6b from the debt capital markets (DCM) in Q1 and capturing 34.7% market share, according to data from Refinitiv. 

Three of the five largest DCM deals came from the financials sector with notable issuers including Sp Grp Treasury and LeasePlan Corp NV.

Also read: Singapore investment banking fees down 24.8% to $234.26m in Q1

However, the largest DCM deal so far went to the Land Transport Authority (LTA) which issued $1.10b in January, enabling the government and other state agencies to beat the real estate and industrial industries for the second spot. The media and entertainment sector rounded out the top five. 

Also read: SIA to issue $2b of medium-term bonds

Overall, primary bond offerings from Singapore-domiciled issuers fell 19.2% YoY in Q1, raising US$7.5b so far.

In terms of bond underwriting, DBS currently holds the top position with US$1.8b in related proceeds and capturing nearly a fourth (24.4%) market share. UOB trails at second place with 14.7% market share and OCBC captured 13.1% market share.