New issuance exceeded S$300 billion for the first time, driven by global corporates and financial institutions.

Record-Breaking Growth: New Issuance Surpasses S$300 Billion

Singapore’s corporate debt market set a new benchmark in 2024 as new issuance surged 34% year-on-year to S$308 billion, exceeding the S$300 billion threshold for the first time. The Monetary Authority of Singapore (MAS) confirmed that total issuance increased more than 30% from the prior year, a milestone that underscores the city-state’s deepening role as a regional debt capital hub. The outstanding size of the corporate debt market also expanded, rising 9% to reach S$617 billion at year-end 2024.

The headline figure builds on a rebound year in 2023, when new issuance had already recovered 21% year-on-year to S$230 billion after a subdued 2022. The 2024 acceleration was broad-based across market segments and currency denominations, with both SGD and non-SGD markets contributing to the record.

New Issuance (SGD Bn)Source: Orionmano Industries

Drivers of Growth: Global Corporates and Financial Institutions

The surge was not concentrated in a single sector. MAS reported that growth in the SGD market was broad-based across financial institutions, corporates, and statutory boards, supported by lower interest rates and tighter credit spreads. In the non-SGD market, financial institutions led issuance volumes, drawing on multi-currency access to fund asset book growth.

Global corporates based in Singapore were a defining driver. In the first half of 2023, Pfizer Investment Enterprises Pte Ltd executed a landmark multi-tranche issuance of US$31 billion to finance acquisition needs, demonstrating the market’s capacity to absorb large-scale deals. By early 2024, notable foreign issuers in the Technology and Consumer sectors had also tapped Singapore’s bond market, broadening the issuer base.

The momentum carried into the fourth quarter of 2024. According to Asian Development Bank data, corporate bond issuance posted the fastest expansion among all local-currency (LCY) bond segments in Q4 2024, with 30.4% quarter-on-quarter growth. This segment also recorded quarterly recovery from a contraction of 0.7% q-o-q in Q3 2024 amid increased issuance activity.

Market Structure: Currency and Sector Composition

The currency profile of Singapore’s corporate debt market continues to reflect its international character. In 2023, the US dollar dominated issuance, accounting for 72.2% of total volume. The Singapore dollar ranked second at 14.8%, followed by the Australian dollar (3.5%), British pound (2.8%), Hong Kong dollar (2.1%), euro (1.8%), and offshore renminbi (1.7%).

A significant structural shift is underway in the non-SGD segment. In 2023, the share of non-SGD issuance from corporations (excluding property) rose by 31 percentage points to 41.8%, driven by global corporates based in Singapore executing large multi-currency transactions. Financial institutions have continued to tap a range of currencies—including USD, AUD, GBP, HKD, and EUR—to support their business needs and asset growth.

On the SGD front, the Housing & Development Board (HDB) was the largest LCY corporate bond issuer in Q4 2024, issuing bonds worth S$2.3 billion—representing nearly half of total LCY corporate issuance in the quarter. The state-owned statutory board’s issuance reflects Singapore’s ongoing infrastructure and housing financing needs.

Policy Support and Outlook

The record issuance occurred against a backdrop of supportive policy measures. In 2025, MAS launched the revised Green and Sustainability-Linked Bond Grant Scheme (G-ADBGS), which offers up to S$450,000 to offset issuance costs for eligible issuers. This builds on Singapore’s established position as ASEAN’s largest market for green, social, sustainable, and sustainability-linked (GSSSL) bonds and loans. Sustainable loans originated from Singapore reached a new high of over S$48 billion in 2024.

MAS Managing Director Chia Der Jiun noted that despite high global policy and macroeconomic uncertainty, financial markets are pricing in a relatively benign outcome. Equity markets have recovered from turbulence, credit spreads remain tight, and Asian currencies have strengthened. He affirmed that Singapore maintains strong momentum in sustainable finance, committed to supporting the region’s transition to a low-carbon economy.

The 2024 record suggests Singapore’s corporate debt market has structural advantages—an established multi-currency platform, a growing base of global corporate issuers, and targeted grant schemes—that position it to sustain growth even as global uncertainties persist. The combination of tight credit spreads, strong market confidence, and enhanced sustainable finance frameworks provides a foundation for continued momentum.