SGD-denominated bonds disappoints after impressive 2012 start

Proceeds crashed 48.4% to $13.2b.

According to Thomson Reuters, Singapore-dollar denominated bond market slowed down as proceeds fell 48.4% to S$13.2 billion (US$10.6 billion) so far this year after coming off from a record level during the first nine months of 2012.

This is the lowest nine-month period level since 2009 when volume dipped to S$9.0 billion (US$6.2 billion).

Here's more from Thomson Reuters:

Foreign issuers tapping the Singapore-dollar bond market raised S$2.9 billion (US$2.4 billion) thus far, down 54.7% over the first nine months of last year despite the 14.3% increase in number of issues. Tata Communications, including its subsidiaries, accounted for 13.8% of the SGD issuance from foreign borrowers with US$325.8 million.

Meanwhile, Asia Pacific’s collective local currency bond volume amounted to US$ 443.4 billion, where Singapore dollar bonds accounted for 2.4% of the market share. Southeast Asia’s aggregate local currency bond offering saw at least 335 new issues worth US$38.2 billion to date, a 38.0% decline from the first nine months of 2012 (US$61.7 billion).

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