SINGAPORE BOND MARKET MECHANICS
Yield Curve
SGS Benchmark Roll
What happens when the market's reference bond shifts from one SGS issue to another.
MECHANISM
A benchmark roll changes the security used as the liquid reference at a maturity point. Apparent moves in a benchmark series can therefore contain both market movement and a change in the underlying reference bond.
WHAT TO MONITOR
Record issue codes alongside yields when building historical benchmark series.
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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