SINGAPORE BOND MARKET MECHANICS
SORA & OIS
SORA OIS–SGS Spread
How to interpret the spread between swap rates and Singapore Government Securities yields.
MECHANISM
The difference between SORA OIS rates and SGS yields combines distinct market structures: derivatives pricing on one side and cash sovereign bonds on the other. Liquidity, collateral and balance-sheet effects can all influence the spread.
WHAT TO MONITOR
Track matched maturities and avoid attributing every spread move to monetary-policy expectations.
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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