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SGX continued to attract a strong flow of new bond listings in May, supported by a geographically diverse suite of transactions. A total 41 new bond issues were listed on SGX in the month, down from the 56 listed in April. Non-US dollar bonds accounted for 46% of the new listings in May, compared with 32% in April while the percentage of non-Singapore issuers accounted for 73%, slightly down from 75% over that period. In May, 63% of SGX-listed bonds issued had tenors of more than three years, broadly in line with the year-to-date proportion of about two thirds (this proportion fell to 55% in February). Highlights SGX also saw its first Chinese corporate’s offshore RMB-denominated bond cleared in Singapore and deposited with SGX’s Central Depository (CDP) in May. Hainan Airlines’ 1.7 billion RMB bond with a coupon at 6.25% maturing on 22 May 2017 was also listed on the exchange on 23 May. Singapore’s increasing profile as an offshore RMB hub outside greater China complemented by SGX’s expanding suite of RMB and China-related products and services makes SGX a choice venue for offshore RMB transactions. To date, approximately 100 offshore RMB bonds are listed on SGX by geographically diverse issuers. Convertible bonds As a global exchange, SGX’s listing framework supports a wide range of bond structures, including convertible and exchangeable bonds. Convertible bonds are debt securities that can be converted into common stock in the issuing company after a certain number of years. Convertible bonds can be listed on SGX, even if the underlying stock is listed on another exchange outside Singapore. Over the past year, issuance of convertible bonds has increased with Japanese and Chinese issuers notably active. Convertible and exchangeable bonds account for about 13% of bonds listed on SGX. Recent bond listings include GCL Poly-Energy Holdings’ USD200 million 2018 0.75% convertible note, The Joyo Bank’s USD300 million 2019 zero coupon convertible bond and AYC Finance’s USD300 million 0.5% 2019 exchangeable bond. SGX Fixed Income Debt Securities (with ≥ USD750 million issue size) listed on SGX in May 2014:
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