iBoxx SGD Monthly Update: November 2020
October ended with a sell-off across risky assets as two stories dominated global markets: the resurgence of Coronavirus cases and the forthcoming US election. Equity markets that were up in the first half of the month later reversed, as volatility measures spiked.
Many bond markets around the world were broadly flat but European bonds posted strong gains as impending lockdowns loomed. APAC fixed income markets also generally did well apart from a few exceptions, such as South Korea.
In Singapore, where the Coronavirus situation is much more stable, local currency bonds posted decent gains. The overall SGD index was up 0.68% for the month. Positive results were seen almost all across the board, with particularly strong gains observed at the long-end of the investment grade segment and in the High Yield bucket. Notably, Real Estate bonds were a mixed bag, ranking amongst both the top-performing and worst-performing securities this month.
The overall index closed the month offering a yield of 1.22% and a duration of 7.05 years.
November 2020 Rebalance
Ten new bonds were added to the index at the November rebalance. Eight of these were contingent convertible AT1 securities, added as per the iBoxx Asian Index Review 2020 - please see the notice on for more information.
Three bonds with less than 1 year of expected remaining life were removed from the index. The largest removal was a S$ 9.1 billion Singapore Government Bond.
Please refer to the table in the full commentary for rating changes observed at the November rebalance.
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.
Follow Financial Services
- Chartis RiskTech BuySide 50: Financial Risk Analytics Wins Investment/Market Risk Category
- South Korea Dividends - More to be Discovered
- Top 3 Insights from the 2022 CeFPro Vendor & Third Party Risk Europe Conference
- The obstacles to better analytics adoption in private equity
- A New Report -- Retail Investors: A Changing Landscape
- APIs beat AI in the industry’s post-trade priority list
- Golden Record Corporate Actions Podcast Series - Pilot Episode: Is Data the Problem?
- Top 5 Insights from the 2022 CeFPro Vendor & Third Party Risk USA Conference
Join our webinar on Thursday, 19 May as we explore the impact of sustained inflation on dividend payments in 2022… https://t.co/jUwPoVmJFw
Join our webinar next week in partnership with Supply Management Insider as the industry experts unveil the necessa… https://t.co/iibJIqHM00