Singapore banks’ bond issuance failed to break 2012’s impressive start

The 8.3% climb just fell short.

Singapore-based issuers have released US$12.1 billion worth of primary bond offerings in the first half of 2014, a report by Thomson Reuters revealed today.

This is an 8.1% YTD increase compared to 1H 2013, as local companies tap both domestic and foreign bond markets to raise funds.

The report further noted that this is the highest first-half period since the record start in 2012.

Here’s more from Thomson Reuters:

Total proceeds during the second quarter of 2014 reached US$6.7 billion, a 26.4% growth from the first quarter of 2014 and up 90.6% from the second quarter of 2013.

Singaporean borrowers tapped the US-dollar bond market raising US$4.4 billion in proceeds, a 13.9% increase in value from the first half of 2013.

DBS Group Holdings currently leads the Singaporean-issued bonds underwriting this year, with related proceeds of US$2.3 billion from 28 new issues, and captured for 18.9% market share.

According to estimates from Thomson Reuters/Freeman Consulting Co., DBS Group Holdings booked an estimated US$8.4 million in fee revenues, a 30.3% decline from the comparable period last year, and accounted for 24.1% of Singapore’s bond fee pool. Imputed underwriting fees from bond issuance by Singaporean companies dropped 55.8% to US$34.7 million from the same period in 2013.

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