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Snowballing cash levels in Singapore boost local bonds
The Straits Times
|September 05, 2025
The recent build-up of cash in Singapore's money market is strengthening demand for the nation's bonds, driving returns to near the highest in the region.
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HONG KONG -
The cost of borrowing in the interbank market fell to the lowest since June 2022 this week, after tumbling more than 70 basis points in August.
Inflows driven by expectations of further currency strength, dwindling net bill sales and slower loan disbursals have enhanced the city's cash levels, a mix that is likely to keep overnight rates subdued.
Adding to its cash levels are foreign investments into Singapore's bonds, which are underpinned by the country's top credit rating.
The securities are increasingly viewed as safe haven alternatives to US assets amid concerns over President Donald Trump's fiscal policies.
"Singapore dollar liquidity conditions could remain flush in the near term amid demand for AAA-rated currency markets" and restrained property loan growth, said Mr Philip McNicholas, Asia sovereign strategist at Robeco in Singapore.
Diese Geschichte stammt aus der September 05, 2025-Ausgabe von The Straits Times.
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