SINGAPORE BOND MARKET MECHANICS
SORA & OIS
SGD Swap Curve vs SGS Government Curve
Why Singapore has both a derivatives curve and a sovereign cash-bond curve.
MECHANISM
The SGD swap curve and SGS curve price related but different instruments. Comparing them can reveal changes in funding, hedging demand, collateral value and relative balance-sheet pressure.
WHAT TO MONITOR
Use matched maturities and monitor whether moves originate in swaps, government bonds or both.
Primary-source starting points: Monetary Authority of Singapore — Bonds and Bills and Singapore Ministry of Finance — Assets and Liabilities. Source availability varies by mechanism.
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