SGD-denominated bonds reach record semi-annual volume

Primary bond offerings increased by almost 46% to 61 issuance worth S$14.2 billion.

According to Thomson Reuters, rhe Singapore-dollar bond market witnessed issuance at a record pace as borrowers tapped the nation's local debt market with 61 primary bond offerings worth S$14.2 billion (US$11.2 billion) so far this year, up 45.8% from the first half of 2011.

Here's more from Thomson Reuters:

Despite the 19.8% slowdown in the second quarter of 2012 (S$6.3 billion) from last quarter (S$7.9 billion), total proceeds raised this year in Singapore's local currency market is the highest semi-annual volume on record.

The start of 2012 notably saw a stream of perpetual bonds with Genting Singapore offering the largest-ever single-tranche issued in Singapore’s local currency market worth S$1.8 billion (US$1.4 billion), followed by a second issue worth S$500.0 million. Perpetual bonds registered 28% of all Singapore dollar-denominated bonds sold this year, or S$4.0 billion (US$3.2 billion).

Meanwhile, Asia Pacific’s collective local currency bond volume amounted to US$257.9 billion, where Singapore dollar bond sales accounted for 4.4%. Southeast Asia’s aggregate local currency bond offering saw 195 issues worth US$22.8 billion in proceeds, a 21.7% increase from the first half of 2011, with 33.2% captured by Singapore-dollar bond issuance.