Singapore to sell $2.9b of reopened 2029 debt

This is the second-largest amount on record for 10-year tenors.

Singapore, which pays the highest returns among economies that have AAA credit ratings from all three major agencies, will sell reopened July 2029 government debt worth $2.9b on 28 August.

This will be the second-largest amount on record for 10-year tenors.

The July 2029 debt that’s been sold in the past yielded 1.83% in the secondary market on 22 August, compared with 1.64% for 10-year US Treasury notes.

Singapore isn’t immune to the underlying trends in global bonds and the sale has to overcome the challenge of a yield curve that’s near the flattest on record. The yield premium that investors receive by holding 10-year notes instead of two-year securities briefly evaporated this month, dropping to minus 1.14 basis point on 15 August.

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