＋ POSITIVE40%
Singapore's debt market is showcasing robust expansion in its covered bond sector, a testament to the nation's growing financial strength. Outstanding covered bonds have surged to S$29.8 billion in 2025, a significant increase from S$17.3 billion recorded just four years earlier. This impressive growth, highlighted by the Monetary Authority of Singapore (MAS), underscores the increasing investor confidence and the vital role these instruments play in financing the economy. The market's development is further evidenced by a record S$11 billion in issuance last year, reflecting a healthy compound annual growth rate of 15 per cent since 2021.
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＝ NEUTRAL50%
Singapore's covered bond market has seen its outstanding volume rise to S$29.8 billion in 2025, an increase from S$17.3 billion four years prior, according to the Monetary Authority of Singapore (MAS). The MAS's annual update on the corporate debt market, released on September 14, indicated that issuance reached a record S$11 billion in the previous year. The market has expanded at a compound annual growth rate of 15 per cent since 2021.
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− NEGATIVE10%
While Singapore's covered bond market has grown, its expansion appears heavily concentrated, with DBS playing a dominant role. Outstanding covered bonds have reached S$29.8 billion in 2025, up from S$17.3 billion four years ago, but this growth may mask a lack of diversification. The Monetary Authority of Singapore (MAS) noted a record S$11 billion in issuance last year, alongside a 15 per cent compound annual growth rate since 2021. However, the underlying data suggests this boom is largely a story driven by a single major issuer, raising questions about the market's overall resilience and breadth.
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