SINGAPORE: The local corporate debt market grew strongly in 2013 with its volume rising 18 per cent from the end of 2012, and total debt issuance rising by 38 per cent, the Monetary Authority of Singapore (MAS) said on Friday (July 25).
MAS said the total outstanding volume of corporate debt stood at S$272.4 billion at the end of 2013. Total debt issuance last year increased by 38 per cent to S$185.5 billion, driven mainly by an 82 per cent rise in short-term debt issues with tenors of less than one year, it added.
The central bank said the start of renminbi (RMB) clearing in Singapore by China's ICBC helped catalyse the city-state's offshore RMB bond market last year. Five offshore RMB bonds, totalling RMB 4.5 billion, successfully came to market in 2013. These Lion City bonds were very well subscribed and saw strong demand in Asia, including among Singapore investors, according to MAS.
China is keen to internationalise the use of its currency for trading and investments, and Singapore has become one of the main offshore centres for RMB transactions after Hong Kong. - CNA/kk
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