Singapore allocates $2.8b to Jurong Region Line and Cross Island line

The funds came from Singapore’s sovereign green bonds in FY2024.

Singapore has allocated $2.8b in proceeds from Singapore’s sovereign green bonds in FY2024 to finance capital expenditure of the Jurong Region Line and Cross Island Line, according to the Singapore Green Bond Report by the Ministry of Finance.

The government issued a new 30-year Green Singapore Government Securities bond via syndication in June 2024, with an issuance size of $2.5b. In October, the government reopened the 50-year Green SGS bond with an issuance size of $1.5b.

Both issuances saw healthy market demand, with overall subscription rates at 2.4 times and 1.6 times, respectively.
A total of $2.8b green bond proceeds were allocated in FY2024. The remaining unallocated proceeds, totalling $3.6b, are expected to be fully allocated to the Jurong Region Line and Cross Island Line by the end of FY2026.

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