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iBoxx SGD Monthly Update: November 2020

09 November 2020 Rahul Sharma

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.

SEE FULL REPORT HERE

Posted 09 November 2020 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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