Singapore bond issuance surges as banks and institutions drive record debt market activity
Singapore bond issuance reached an all-time high during the first nine months of 2025, reflecting exceptional strength in the city-state’s debt capital markets as institutional activity accelerated. According to industry data, primary bond issuance totalled approximately $44.6 billion year to date, marking the highest level recorded since tracking began in 1980. The milestone underscores Singapore’s growing importance as a regional hub for debt financing amid shifting global funding conditions. Financial institutions were the dominant contributors, accounting for nearly two-thirds of total issuance. Banks and financial firms raised close to $29 billion through new bond offerings, supported by stable demand from both domestic and international investors. Government-linked entities and agencies also played a key role, issuing more than $8 billion, while real estate firms contributed over $2 billion to overall volumes. Several major banks led the largest US dollar bond transactions during the period. DBS Group Holdings, UOB, and DBS Bank each completed issuances of approximately $2.6 billion, highlighting strong market access for Singapore’s leading lenders. Other notable issuers included Temasek Financial and OCBC, which also secured substantial funding through the bond market. League table rankings for Singapore-domiciled debt further reflected the dominance of local banks. DBS topped the domestic debt capital markets table with more than $6 billion in credited issuance volume, followed closely by OCBC and UOB, reinforcing their central role in shaping the country’s bond market activity. The record-setting pace of Singapore bond issuance signals robust investor confidence and deep liquidity across the market. With financial institutions continuing to tap debt markets for funding and diversification, Singapore’s bond ecosystem remains well-positioned for sustained growth.
