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iBoxx SGD Monthly Update: November 2021

05 November 2021 Rahul Sharma

October 2021 Performance

A strong start to the latest corporate earnings season helped equity markets bounce back in October. Gains were seen across many stock markets across the world. Singapore shares performed especially well over October as travel restrictions eased considerably with the introduction of Vaccinated Travel Lanes with several countries.

While equity implied volatility trended down over the month, a fair amount of repricing took place in fixed income markets as a number of short-end curves saw rates jump mid-month. Further out on various yield curves, inflation (and even stagflation) risks were in focus as energy and commodities prices soared. This and imminent Fed tapering caused many bond markets, including SGD bonds, to suffer from significant yield increases.

The iBoxx SGD Overall index saw its yield rise 25 bps over the month as the SGD bond market posted a loss of -1.47%. Though overall yields rose, credit spreads tightened somewhat and this led to the Non-Sovereign sub-index outperforming the Government sub-index. Indeed, longer dated Singapore Government Bonds were among October's worst performers but from the perspective of the overall index, all maturity-by-rating segments were in the red this month.

The overall index closed the month offering a yield of 2.12% with a duration of 7.15 years.

November 2021 Rebalance

This rebalance, just over S$ 4.7 billion of new notional was inserted into the index via six new bonds. The insertions included a 2.6 yard 30- year SGB and a 900 million 7-year HDB bond.

Meanwhile, slightly more than S$ 900 million of bond notional (that is expiring in less than one year) left the index via four departing corporate bonds.

Please refer to the full report for rating changes observed at the November rebalance.


Posted 05 November 2021 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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