Singapore Bond Issuance Reaches Record US$95 Billion in 2025
Singapore's corporate debt market hit a new high as issuance rose to US$95 billion, driven by refinancing and regional demand.
Singapore bond issuance reached a record US$95 billion in 2025. The figure marks a 21.8 per cent year-on-year increase. This total surpasses the previous peak of US$77 billion set in 2023. The Monetary Authority of Singapore released the data on Monday. The growth reflects strong demand for corporate debt instruments.
Refinancing needs and capital for technology projects drove the rise. Regional demand for artificial intelligence and infrastructure funding also contributed. Global bond issuance grew 7.7 per cent to US$9.8 trillion. Improved funding conditions supported this global expansion.
Corporate participation expands in local market
New issuance in the broader Singapore debt market rose 10 per cent to S$339 billion. Financial institutions remain the largest issuers but their share declined. Their portion of Singdollar issuance fell to 64.9 per cent. More corporations entered the market to raise funds.
Corporate issuance in the Singdollar market increased by S$6.6 billion. New entrants include firms in digital infrastructure and private capital. Equinix Asia Financing and IReit Global issued bonds for the first time. Lower interest rates and tighter spreads encouraged this activity.
Covered bonds reach record high
Covered bond issuance hit a record S$11 billion in 2025. This is up from S$7.7 billion in the previous year. The outstanding size of the market grew to S$29.8 billion. The market expanded at a compound annual growth rate of 15 per cent over four years.
Banks use covered bonds to access additional funding. These instruments are backed by residential mortgage pools. Investors have recourse to both the issuing bank and the asset pool. This structure allows banks to tap international investors.
Currency mix and funding outlook
The US dollar accounted for 65.6 per cent of issuance. The Singapore dollar made up 21.4 per cent. The euro and sterling represented 3.9 per cent and 2.8 per cent respectively. Singapore continues to serve as a hub for foreign currency deals.
GN auto markets/bonds notes that funding conditions may worsen in 2026. Renewed inflation concerns have replaced expectations of monetary easing. Higher yields in major markets have raised borrowing costs. MAS expects Asian bond markets to remain resilient despite these headwinds.
