RETAIL FUNDS | Staff Reporter, Singapore

Singapore bonds issuance crashed 43.4% to US$15.5b

Check out which firm lead Singaporean-issued bonds.

According to Thomson Reuters, primary bond offerings from Singapore-domiciled issuers reached US$15.5 billion so far this year, a 43.4% decline after witnessing a record start during the first nine months of 2012, as local companies tap both domestic and foreign bond markets to raise funds.

Total proceeds during the third quarter of 2013 improved as proceeds grew 19.6% compared to the second quarter of 2013 (US$3.6 billion), but fell 65.9% from the third quarter of 2012 (US$12.7 billion).

Singaporean borrowers tapped the US-dollar bond market with at least 11 new issues worth US$4.2 billion in proceeds, a 58.1% decline over the first nine months of 2012.

DBS Group Holdings continued to lead the Singaporean-issued bonds underwriting this year, with related proceeds of US$3.0 billion from 35 new issues, down 51.2% from the comparative period last year. DBS captured 19.5% of the market share followed by HSBC Holdings with 11.1%.

According to estimates from Thomson Reuters / Freeman Consulting Co., DBS Group Holdings booked an estimated US$11.0 million in fee revenues, a 40.7% decline from the first nine months period last year, and accounted for 16.1% of Singapore’s bond fee pool.

Underwriting fees from bond issuance by Singaporean companies fell 19.8% to US$68.1 million compared to the same period last year.

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