SINGAPORE BOND MARKET MECHANICS
Yield Curve
SGS On-the-Run vs Off-the-Run Bonds
Why two SGS bonds with similar maturities can trade at different yields.
MECHANISM
Liquidity, benchmark status, coupon, issue size and remaining maturity can create yield differences between the most actively referenced SGS line and older neighbouring securities.
WHAT TO MONITOR
Compare yield spreads between nearby maturities rather than treating every bond as a pure point on a smooth curve.
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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