Here's how Genting Singapore's S$1.8b perpetual bonds rocked the market

Perpetual bonds registered 23.5% of all SGD-denominated bonds sold this year worth S$6billion.

According to Thomson Reuters, the Singapore-dollar bond market witnessed issuance at a record pace as borrowers tapped the nation’s local currency debt market with 103 primary bond offerings worth S$25.2 billion (US$20.1 billion) so far this year, up 59.2% from the first nine months of 2011.

Here's more from Thomson Reuters:

Total proceeds raised during the third quarter of 2012 totaled S$10.6 billion (US$8.5 billion), a 57.8% increase from the second quarter of 2012 and a 73.6% growth over third quarter of 2011, and is the best quarterly volume on record.

The start of 2012 notably saw a stream of perpetual bonds with Genting Singapore offering the largest-ever single-tranche issued in Singapore’s local currency market worth S$1.8 billion (US$1.4 billion), followed by a second issue worth S$500.0 million. Perpetual bonds registered 23.5% of all Singapore dollar-denominated bonds sold this year worth S$6.0 billion (US$4.7 billion).

Meanwhile, Asia Pacific’s collective local currency bond volume amounted to US$416.5 billion, where Singapore dollar bond sales accounted for 4.8%. Southeast Asia’s aggregate local currency bond offering saw 334 issues worth US$59.6 billion in proceeds, a 41.3% increase from the first nine months of 2012, with 33.7% captured by Singapore-dollar bonds.

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