Bond issuance rises 21.8% to record $120.8b in 2025

MAS cited refinancing needs and capital demand for AI, tech, and infrastructure.

Singapore’s bond market issuance rose $21.8% year on year to a record $120.8b (US$95b) in 2025, surpassing the previous high of $97.9b (US$77b) set in 2023.

The growth was attributed to refinancing needs and regional demand for capital to fund artificial intelligence, technology, and infrastructure investments, according to the Monetary Authority of Singapore (MAS).

The $120.8b (US$95b) figure covers long-term Singapore dollar and non-Singapore dollar bond issuances, MAS said in a corporate debt market development update.

Separately, total new debt issuance arranged by financial institutions in Singapore, including short-term debt, increased 10% to $339b from $308b in 2024.

Outstanding debt arranged by financial institutions grew 6.8% to $659b at the end of 2025, from $617b a year earlier.

The US dollar remained the main issuance currency, accounting for 65.56% of the total, followed by the Singapore dollar at 21.4%.

The euro made up 3.92%, sterling 2.79%, Australian dollar 2.35%, and Hong Kong dollar 1.35%.

Financial institutions remain the largest issuers across both Singapore dollar and non-Singapore dollar markets.

They accounted for 64.9% of Singapore dollar issuance in 2025, whilst property companies made up 10.3%, followed by statutory boards at 9.6%, corporate special purpose vehicles at 9.4%, and non-property companies at 5.8%.

In the non-Singapore dollar market, financial institutions accounted for 77.9% of issuance, followed by non-property companies at 14.5%.

Singapore dollar issuance by financial institutions increased by $10.8b from a year earlier, whilst corporate issuance rose by $6.6b.

MAS said the Singapore dollar market attracted first-time issuers from digital infrastructure, private capital and consumer finance. These included Equinix Asia Financing Corp., Wee Hur Holdings, and IREIT Global.

$1 = US$0.79

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