Singapore bond market to stay 'firm' this year, credit spreads may tighten: OCBC

“On the other hand, credit valuations remain stretched with technicals running ahead of fundamentals in our view,” they added.

The OCBC research team described 2019 as a bumper year for both issuance volumes and credit spreads, which continued to tighten in the secondary market. New issuances of SGD bonds, including those by the Housing Development Board and the Land Transport Authority, increased 11.9 per cent to total S$24.1 billion across 89 issues last year, up from S$21.5 billion across 92 issues in 2018.

“Overall, global risk sentiments appear to have improved significantly, and fears of recession appear to be behind us with a sharp steepening of the yield curve in December 2019,” the analysts wrote.

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