Singapore Bond Market Soars to Record US$95 Billion in 2025
Singapore's bond market has set a new record, with issuance reaching US$95 billion in 2025. This marks a significant increase of 21.8% from the previous year and surpasses the previous record of US$77 billion set in 2023.
The growth in bond issuance is attributed to refinancing needs and regional demand for capital, particularly in areas such as artificial intelligence, technology, and infrastructure.
Financial institutions remained the largest issuers in both the Singapore dollar and foreign currency markets. However, their share moderated as more corporates tapped into the market.
The US dollar dominated issuance, accounting for 65.6% of total issuance, followed by the Singapore dollar at 21.4%. The euro and sterling accounted for 3.9% and 2.8%, respectively.
Covered bond issuance also reached a record S$11 billion in 2025, up from S$7.7 billion in 2024. This represents a significant increase of 43% and reflects the growing demand for covered bonds in Singapore.