Singapore Bonds Lure Buyers Despite Turning Expensive Versus US
Investors have largely shrugged off the negative yield differential, still favoring the city-state's AAA credit and robust onshore liquidity amid rising concerns over fiscal sustainability in the US. Using cross-currency swaps, a dollar-hedged 10-year Singapore dollar bond will yield around 4.15%, nearly 10 basis points lower than the 10-year US Treasury. This discount was as much as 20 basis points in mid-July — the widest in data back to May 2021.
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