Singapore’s covered bond boom is largely a DBS story
September 15, 2026 / /
The market has grown rapidly, but a closer look shows the three local banks are using this funding tool very differently
[SINGAPORE] A relatively quiet corner of Singapore’s debt market has been growing at a steady clip.
Covered bonds outstanding reached S$29.8 billion in 2025, up from S$17.3 billion four years earlier, the Monetary Authority of Singapore (MAS) said in its latest annual update on the corporate debt market released on Monday (Sep 14).
Issuance hit a record S$11 billion last year, while the outstanding market has expanded at a compound annual growth rate of 15 per cent since 2021.
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