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Corporate debt issuance in Singapore grew by 39% to $259b in 2017 from $186b last year due to debt issued in both Singapore dollar (SGD) and non-SGD denominated debt securities, the Monetary Authority of Singapore’s (MAS) revealed.
In line with higher issuance volumes, total debt outstanding grew 19% YoY to $386b, representing a CAGR of 9.1% since 2013.
Consistent with prior years, corporate issuers accounted for the majority of issuance volumes, at 24% and 23.6% for non-property and property corporations respectively.
Financial institutions (FI) brought 19.5% of issuance volumes to market, lower than the 27.7% in 2016.
Other categories of issuers included special purpose vehicles (18.3%), government agencies and statutory boards (12.1%), and supranational (2.5%).
In the non-SGD corporate debt market, FIs accounted for the majority of issuance volumes, at 81.2%.
The number of first-time issuers increased from 37 in 2016 to 63 in 2017, a reversal of the declining trend observed in the last few years.
Likewise, the number of repeat issuers rose from 85 in 2016 to 103 in 2017.
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