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iBoxx SGD Monthly Update: February 2022

04 February 2022 Rahul Sharma

January 2022 End-of-Month Commentary

Excluding commodities, many financial markets languished over January as inflation concerns endured. Expectations of fast approaching tighter monetary policy dealt blows to both equity and bond markets. Equities saw a rotation from growth to value and yields rose in many bond curves. Geopolitical tensions emanating from Europe also added further uncertainty to the global inflation picture.

The SGD bond market posted a loss of -0.47% over January as reflected by the iBoxx SGD Overall index. Government bonds (-0.37%) outperformed the non-sovereign portion (-0.65%) of the market.

However, investment grade (-0.48%) underperformed high yield (-0.27%) echoing the relative returns of high and low-grade global USD credit (as per iBoxx data).

In general, the medium to long-end of the SGD bond curve endured greater losses than the short-end. Across the credit quality spectrum, the AA and A sectors performed the worst (taking their heaviest losses in the long-end). Long dated BBB bonds also suffered.

By month-end, the overall index offered a yield of 2.13% with a duration of 7.10 years.

February 2022 Rebalance

This rebalance, S$950 million of new notional was inserted into the iBoxx SGD Overall index via a new seven year HDB bond.

Concurrently, seven bonds departed the index, removing just over S$1.86 billion of notional. All departing bonds left the index due to their respective expected remaining lives falling below one year.

Please refer to the full commentary for rating changes observed at the February rebalance.


Posted 04 February 2022 by Rahul Sharma, Director - Indices, IHS Markit

IHS Markit provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.

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