2024 and 2025 mark decade-high in SGD Bond issuance.

Singapore, 4 February 2026 – OCBC was ranked first in Bloomberg’s 2025 Bookrunner League Table for Singapore Dollar (SGD) Bonds, clinching the top position for the second consecutive year. The Bank led the industry with S$7.1 billion in bond issuance, commanding a 23.53% market share per Bloomberg data, and recorded the highest number of sole-mandated deals at 22 transactions.

Bloomberg: 2025 Bookrunner League Table (Top 10) for SGD Bonds

Source: Bloomberg

The achievement comes against the backdrop of a resilient Singapore dollar credit market, which demonstrated strong momentum in 2024 and 2025 with bond issuance reaching decade-high levels (2016–2025).

Singapore stood out as a safe haven amidst global volatility. The robust 2025 performance was supported by favourable rates and contained credit spreads that created an attractive borrowing environment in the SGD credit market. Easing trade tensions and geopolitical uncertainties towards year-end also helped. Other factors included refinancing and capital replacement needs.

Financial Services (including banks and insurers) continued to lead as the largest issuer sector in the SGD credit market, followed by Statutory Boards.

OCBC participated in 59 SGD bond issuances in 2025. Some of the notable transactions the Bank was involved in included its sole mandate for SingTel Optus’ SGD250 million 3.125% issuance; Singapore Management University’s SGD150 million 2.022% issuance, the first sustainability bond from an autonomous university in the SGD market; and SATS Ltd.’s SGD300 million 2.450% issuance, its inaugural public SGD offering.

Capitalising on the strength of the SGD and the SGD credit market as an attractive alternative avenue, OCBC introduced two foreign issuers – Equinix Inc. and ICBC – to the SGD Bonds market. This added depth and dynamism to the market and reinforced Singapore’s standing as a global hub for credit issuance.

OCBC also supported the re-entry into the market of five previous issuers, Perennial Holdings, SingTel Optus, Q&M Dental, SATS Ltd. and Lendlease Corporation, some of which operate in niche sectors.

In recognition of its market leadership, OCBC was named Singapore Bond House in the prestigious International Financing Review (IFR) Asia Awards 2025, which recognises excellence in investment and capital markets across Asia-Pacific.

Momentum to continue in 2026

In 2026, OCBC expects issuance levels to remain strong. While investors’ risk appetites may ebb amid the current macroeconomic environment, the Singapore bond market stands to stay resilient given the SGD’s standing as a safe haven currency.

Another trend expected to continue would be the increasing participation of foreign issuers, given the strength and appeal of the Singapore credit market. With expectations of stable credit fundamentals among SGD credit issuers, OCBC anticipates that SGD credit spreads will remain relatively tight. Overall, the SGD credit market should be well-cushioned against potential volatility ahead.

Mr Kenneth Yeoh, Head of Debt Capital Markets, Global Investment Banking, OCBC, said: “With economic uncertainty as the new norm, OCBC’s agility in reacting to market developments and advising our clients accordingly enabled us to consistently bring diverse, high-quality issuers to the SGD bond market. Investors gained access to a broader range of quality credit, and issuers met their funding objectives efficiently. We expect that the SGD’s resilience will continue to steer market activity, supported by a diversified investor base and sound credit fundamentals.”