Bondsupermart

Public

Can't Join? @bondsupermart

4.9k Members

Updated: May 15, 2026 at 10:08 AM

Bondsupermart

For all your bond news | www.bondsupermart.com

Follow @bondsupermart to stay updated with the latest news and wwwbondsupermartcom trends and news

Ranking

Global Ranking

#456

Language Ranking

#45

Category Ranking

#23

-1

Participant Growth (Last 5 Days)

Total: 4.9K

24h growth: -22 0%

Latest Posts

Bondsupermart

May 23, 2026, 05:38 AM

📌 New AUD Kangaroo Bond* Issuance

*Note:
A Kangaroo bond is a debt instrument issued in Australia by a non-Australian entity (foreign corporation, bank, or government) and denominated in Australian dollars (AUD).

Issuer:
HSBC Holdings plc

Currency:
AUD

Tenure | Price Guidance:
https://bit.ly/4nzr6gR
https://bit.ly/4wASvmA

Bond Rating:
A3 (Moody’s) | A- (S&P) | A+ (Fitch)

Ranking:
Senior Unsecured

Loss Absorption:
No

Min. / Incremental Size:
AUD 250,000 / 10,000

Timing:
Transaction will follow, subject to market conditions

Settlement Date:
26 May 2026

First Issuance Date:
26 May 2026

659

Bondsupermart

May 23, 2026, 05:38 AM

📌 New Australia Government Green Treasury Bond Issuance

Issuer:
https://bit.ly/4uonCR4

Currency:
AUD

Programme: https://www.aofm.gov.au/securities/green-bond-program

Framework:
https://www.aofm.gov.au/sites/default/files/2023-12-05/GreenBondFramework_WEB.pdf

Use of Proceeds:
Funds will be allocated under the Australian Government Green Bond Framework to eligible environmental and sustainability expenditures.

Rating:
Aaa (Moody’s) | AAA (S&P) | AAA (Fitch)

Tenure | Maturity Date:
10-Year | 21 June 2036

Coupon
5.00% p.a.

Indicative Yield | Indicative Reoffer Price:
5.13% to 5.16% | 98.983 to 98.751 [ plus Accrued Interest: 2.143% (156 days)]

Coupon Dates:
21 June and 21 December

Min. / Incremental Size:
AUD 1,000 / 1,000

Pricing Date:
19 May 2026

Settlement Date:
26 May 2026 (T+5)

705

Bondsupermart

May 23, 2026, 05:38 AM

📌 New Ringgit Bond Issuance

Issuer:
Exsim Capital Resources Berhad (Special Purpose Vehicle)

🌟 Brief Description of Issuer 🌟

EXSIM is a prominent Malaysian property developer established in 2008, specializing in creating high-rise residential, commercial, and industrial projects with a strong focus on sustainability and green certification.

They are recognized as a "green developer" aiming for Green Building Index (GBI) and GreenRE standards, with over 20 projects developed

https://exsim.com.my/

Type:
Structured Financing

Ranking:
Secured

Collateral:
Sales and Purchase Agreement signed with buyers of Hanaz Suites @ KL City Centre & The Asteriaz @ Kebun Teh

Currency:
MYR

Sukuk:
Yes

Expected Maturity | Legal Maturity | Profit Rate Guidance
https://bit.ly/4no6rfu
Bond Rating:
AA3 (RAM)

Min. / Incremental Size:
MYR 250,000 / 250,000

Issue Size*:
Up to MYR 240 million

* Issue amount is conditional upon meeting the assumed project sales profile, which includes a 99% take-up rate for each project at financial close, along with other factors such as the expected buyer profile for the projects.

Timing:
Expected issuance on the week of 1 June 2026 (subject to market)

First Issuance Date:
To be determined

892

Bondsupermart

May 23, 2026, 05:38 AM

📌 Global Macro Update

https://bit.ly/3RFZkTS

We recently published a piece on Gilts, highlighting some new additions to our real-time bond marketplace, Bondsupermart Live.

https://www.bondsupermart.com/bsm/article-detail/RSS269%!

Since then, yields have climbed higher, with 10-year Gilts yields rising above 5% and 30-year yields hitting recent historical highs.

We discuss what drove Gilts yields in recent weeks and how different investors may wish to approach Gilts.

🌟 Highlights 🌟
https://www.bondsupermart.com/bsm/article-detail/RSS269🔹 Gilt yields rose sharply in 2026, with 10-year yields moving above 5% after March’s inflation and political shocks.

🔹 March CPI rose to 3.3%, with energy-sensitive categories driving the inflation pickup and complicating the BOE outlook.

🔹 The BOE turned more hawkish after the Middle East conflict, with markets now pricing 2–3 hikes by end-2026.

🔹 Political uncertainty around PM Starmer has amplified fiscal concerns and added upward pressure to longer-dated Gilt yields.

🔹 Short-and medium-tenor Gilts may suit buy-and-hold investors, while long-dated Gilts may suit traders who wish to take advantage of price fluctuations.

https://bit.ly/3RFZkTS

1,020

Bondsupermart

May 23, 2026, 05:38 AM

📌 New USD Bond Issuance

Issuer:
Nan Fung Treasury Limited

Guarantor:
Nan Fung International Holdings Limited [南豐國際控股有限公司]

🌟 Brief Description of Issuer 🌟

Nan Fung International Holdings Limited is a privately held Hong Kong conglomerate with businesses spanning real estate development, investment properties, financial services, and life sciences.

The group is known for its premium residential and commercial developments in Hong Kong and has been increasingly active in sustainable finance initiatives.

Currency:
USD

Tenure | Price Guidance
https://bit.ly/49OctR0

Bond Rating:
Baa3 (Moody’s) / BBB- (S&P)

Ranking:
Senior Unsecured Sustainability Bonds

Min. / Incremental Size:
USD 200,000 / 1,000

Timing:
As early as today’s business

First Issuance Date:
To be announced

580

Bondsupermart

May 23, 2026, 05:38 AM

📌 New SGD Bond Issuance Issuer: Crédit Agricole S. A. 🌟 Brief Description of Issuer 🌟 Crédit Agricole S. A. is one of Europe’s largest banking groups, providing retail, corporate, investment banking, and asset management services globally. The group is a…

744

Bondsupermart

May 23, 2026, 05:38 AM

📌 New SGD Bond Issuance

Issuer:
Crédit Agricole S. A.

🌟 Brief Description of Issuer 🌟

Crédit Agricole S. A. is one of Europe’s largest banking groups, providing retail, corporate, investment banking, and asset management services globally.

The group is a major player in European financial markets and regularly issues regulatory capital instruments to support its balance sheet and capital requirements.

Currency:
SGD

Tenure | Price Guidance
https://bit.ly/4eM6Eak
Bond Rating:
Baa1 (Moody’s) / BBB+ (S&P) / A- (Fitch)

Ranking:
Subordinated Notes (Tier-2 Capital)

Loss Absorption:
Yes

Min. / Incremental Size:
SGD 250,000 / 250,000

Timing:
Books open, today’s business

First Issuance Date:
25 May 2026

604

Bondsupermart

May 23, 2026, 05:38 AM

📌 New USD Bond Issuance

Issuer:
Hanwha Q CELLS Americas Holdings Corp.

Guarantor:
Export-Import Bank of Korea

🌟 Brief Description of Issuer 🌟

Hanwha Q CELLS Americas Holdings Corp. is part of the Hanwha Group and is a major player in solar energy manufacturing and renewable energy solutions.

The issuance is guaranteed by Export-Import Bank of Korea (“KEXIM”), South Korea’s state-owned export credit agency, providing strong sovereign-linked credit support.

Currency:
USD

Tenure | Price Guidance
https://bit.ly/3Pmw1oz

Bond Rating:
Aa2 (Moody’s) / AA (S&P)

Ranking:
Senior Unsecured Green Notes

Min. / Incremental Size:
USD 200,000 / 1,000

Timing:
Today’s business (during NY hours)

First Issuance Date:
21 May 2026

506

Bondsupermart

May 23, 2026, 05:38 AM

📌 Credit Update

https://bit.ly/4dgfOJG
We previously initiated coverage on Tapestry’s bonds earlier this year: https://www.bondsupermart.com/bsm/article-detail/RSS213

Since then, Tapestry has released its third-quarter results for the period ending 28 March 2026 (Q3FY26).

In this article, we examine the group’s latest earnings and provide our updated view on their bonds.

https://bit.ly/4nmHRvyHighlights https://bit.ly/4nmHRvy

🔹 Overall, we think Tapestry’s credit profile has improved and remains stable, given strong operating performance, lower leverage and strong coverage. We continue to emphasise our initial view (see the article linked above) that Coach will continue to function as the main earnings anchor for the group while Kate Spade continues to undergo a period of transition.

🔹 Looking ahead, we expect both operating and free cash flows to continue trending positively, further supporting Tapestry’s solid liquidity profile. We remain mindful that persistent geopolitical tensions and elevated energy prices could weigh on discretionary consumer spending. Nevertheless, we do not expect any material worsening, and we remain comfortable with Tapestry’s credit profile, supported by its ample liquidity.

🔹 Tapestry's outstanding bonds trade at a yield to worst range of 4.33% to 5.32%, with expected tenors ranging from 1 to 8 years. Relative to comparable US Treasuries, these issues offer an attractive 50 bps to 98 bps yield spread. When compared to close industry peers like Ralph Lauren and Estee Lauder, Tapestry’s bonds provide a decent yield pickup of 10 to 40+ bps for similar tenors. Note: Both Ralph Lauren (A- by S&P) and Estee Lauder (A- by S&P) have higher credit ratings than Tapestry (BBB by S&P).

🔹 For investors seeking decent yield pickup, Tapestry’s bonds may warrant consideration given the group’s improving operating momentum, modest leverage and solid liquidity profile.

https://bit.ly/4dgfOJG

Bondsupermart

May 23, 2026, 05:38 AM

📌 Credit Update

https://bit.ly/4uKgiii

CK Hutchison Holdings Limited ("CK Hutchison") announced on May 5, 2026, that through its subsidiary CK Hutchison Group Telecom Holdings Limited (CKHGT), it has agreed to sell its entire 49% stake in the UK's largest mobile telecommunications operator, VodafoneThree, to its joint venture partner Vodafone Group Plc via a share cancellation.

The transaction consideration is GBP 4.3 billion (approximately HKD 45.5 billion). The transaction is expected to be completed in the second half of 2026, pending approval under the UK National Security and Investment Act.

Following the announcement, CK Hutchison's stock price once surged over 4%, reflecting a positive market reaction to this asset realization. https://bit.ly/4uKgiii
https://bit.ly/4nmHRvyHighlights https://bit.ly/4nmHRvy

🔹HKD 45.5 billion Cash Repatriation Further Fortifies Financial Strength

This transaction will bring a massive cash inflow to CK Hutchison, with an expected one-off gain of approximately HKD 4.7 billion (based on the investment's book value of approximately HKD 40.15 billion at the end of 2025). Management stated that the transaction will "strengthen the group's financial position," and the proceeds can be used for business expansion, potential investments or acquisitions, and debt reduction, further optimizing the capital structure.

🔹 Strategic Exit from the UK Telecom Market Enhances the Group's Long-Term Competitiveness

CK Hutchison's choice to sell its VodafoneThree stake currently is primarily driven by its exit from the UK telecom market. The UK telecom industry is facing regulatory pressures, and high capital expenditure demands for continuous investment in 5G and network upgrades, and the influence of a minority stake is limited. Therefore, following the sale of UK Power Networks (UKPN), monetizing non-core, low-growth telecom assets again to concentrate resources on ports, retail, infrastructure, and other higher-return areas reflects CK Hutchison's consistent asset allocation policy of pursuing capital efficiency and sustainable cash flows.

https://bit.ly/4uKgiii

Bondsupermart

May 8, 2026, 08:49 PM

📌 New USD Bond Issuance

Issuer:
https://bit.ly/42gt5wM

🌟 Brief Description of Issuer 🌟

The Bank of East Asia, Limited is a leading Hong Kong-based bank providing retail and corporate banking services across Greater China and international markets.

The bank has a long operating history and a strong franchise in Hong Kong, with diversified income streams and a stable deposit base.

Currency:
USD

Tenure | Price Guidance
6-years Non-Callable 5-years | T+175 bps (Est. 5.820%)

Bond Rating:
Baa2 (Moody’s) / BBB (S&P)

Ranking:
Senior Non-Preferred (see below "Learning of the day")

Loss absorption:
Yes

Min. / Incremental Size:
USD 250,000 / 1,000

Timing:
Today’s business

First Issuance Date:
13 March 2026

469

Bondsupermart

May 8, 2026, 08:49 PM

📌 New MYR Issuance Write Up
https://bit.ly/4cUy6jC
Kenanga Investment Bank is one of Malaysia’s well-established financial institutions, primarily known for its expertise in investment banking, stockbroking, and wealth management.

Founded in 1973, Kenanga has evolved from a traditional stockbroking firm into a diversified financial services group. The bank offers a broad range of services, including corporate advisory (such as mergers and acquisitions), equity and debt capital markets, asset and wealth management, and Islamic financial services. Through its asset management arm, Kenanga also provides unit trust funds and portfolio management solutions for both retail and institutional investors.

Kenanga is listed on Bursa Malaysia (KLSE: KENANGA 6483), with a market capitalisation of approximately MYR 570.2 million as at 20 April 2026.

🌟 Highlights 🌟

🔹 In FY2025, revenue and profit before tax (PBT) declined by 14% and 37%, respectively, mainly due to cautious market sentiment throughout the year.

🔹 Beyond the stockbroking and investment segments, the asset management division serves as a key diversifier to Kenanga’s earnings profile, with AUA growing at a commendable pace to a record high of RM26.2 billion (+9.7% YoY).

🔹 The credit profile remains robust, with a CET1 ratio of 17.34% as at end-December 2025, well above the regulatory minimum of 4.5%.

🔹 Investors should be mindful of key risk exposures, including intensifying competition in the Malaysian brokerage industry and broader macroeconomic risks.

🔹 Investors with higher risk tolerance may consider the https://www.bondsupermart.com/bsm/prelaunch-bond-factsheet/7447. However, investors should be aware of the inherent risks associated with AT1 instruments, including loss absorption features, non-call risk, and coupon deferral.

https://bit.ly/4cUy6jC

https://www.fsmone.com.my/bonds/ipo/factsheet/overview?preLaunchId=7447

Bondsupermart

May 8, 2026, 08:49 PM

📌 New on Bondsupermart https://bit.ly/4wsD93N https://bit.ly/4wsD93N https://bit.ly/4wsD93N

Check out these new bonds on Bondsupermart Live - multi-currency bond opportunities across AI, retail, energy, mining, fintech, payments, Japanese financials and Singapore property.

🌟 What is Bondsupermart Live? 🌟

Bondsupermart Live is a centralised bond marketplace where orders are matched dynamically with other investors.

While bond markets have traditionally been opaque, Bondsupermart Live helps improve transparency especially around pricing.

The aim is to narrow the gap between bond investing and other asset classes, making bonds more accessible and actionable for all investors.

We recently added 13 new live issues onto Bondsupermart Live – all tradable with live pricing.

Most of these bonds are tradable in small odd-lot sizes of $1,000 / $1,000. This means the the minimum investment is $1,000, and investors can increase their order in additional $1,000 increments.

This makes bond investing more flexible, as investors can spread their capital across different issuers, sectors, currencies, and maturities.

https://bit.ly/4wsD93N

576

Bondsupermart

May 8, 2026, 08:49 PM

📌 New USD Bond Issuance

Issuer: https://bit.ly/4wczXJg

🌟 Brief Description of Issuer 🌟

MGM China Holdings Limited is a leading integrated resort operator in Macau, operating flagship properties such as MGM Macau and MGM Cotai.

The company is a subsidiary of MGM Resorts International and benefits from Macau’s position as the world’s largest gaming hub, with revenues driven by tourism and premium gaming segments.

Currency: USD

Tenure | Price Guidance

7-years Non-Callable 3-years | 6.50% area

Bond Rating: B1 (Moody’s) / B+ (S&P) / BB- (Fitch)

Ranking: Senior Unsecured

Min. / Incremental Size: USD 200,000 / 1,000

Timing: Today’s business

First Issuance Date: 13 May 2026

480

Bondsupermart

May 8, 2026, 08:49 PM

📌 New USD Bond Issuance

Issuer: Emirates NBD Bank PJSC

🌟 Brief Description of Issuer 🌟

Emirates NBD Bank PJSC is one of the largest banking groups in the Middle East, headquartered in Dubai.

The bank provides a full range of retail, corporate, and investment banking services, supported by a strong regional franchise and backing from the Dubai government.

Currency: USD

Issuance Size: USD 750 million

Tenure | Price Guidance

https://bit.ly/4cOPW7h

Bond Rating: Unrated

Ranking: Junior Subordinated

Instrument: Additional Tier-1 Capital

Bond Features: Deferral of interest, Loss Absorption

Min. / Incremental Size: USD 200,000 / 1,000

Timing: Today’s business

First Issuance Date: 5 May 2026

929

Bondsupermart

May 8, 2026, 08:49 PM

📌 New HKD Bond Issuance

Issuer: Victoria Power Networks (Finance) Pty Ltd

Guarantors: Powercor Australia Ltd / CitiPower Pty Ltd

🌟 Brief Description of Issuer 🌟

Victoria Power Networks is backed by Powercor Australia Ltd and CitiPower Pty Ltd, which are key electricity distribution network operators in Australia.

The group owns and operates regulated electricity networks, providing stable and predictable cash flows supported by regulated returns and essential infrastructure demand.

Currency: HKD

Tenure | Price Guidance

https://bit.ly/3QzueNq

Bond Rating: A- (S&P)

Ranking: Senior Unsecured

Min. / Incremental Size: HKD 1,000,000 / 500,000

Timing: Today’s business

First Issuance Date: 12 May 2026

981

Bondsupermart

May 8, 2026, 08:49 PM

📌 USD Bond Reopening*

✴ Note:

A reopening (or "retap" or “tap issuance”) simply means issuing more of an existing bond, instead of creating a brand new one.

Issuer: https://bit.ly/4mViYHf

Guarantors: Certain non-PRC incorporated Restricted Subsidiaries

🌟 Brief Description of Issuer 🌟

China Water Affairs Group Limited is a leading water supply operator in China, focusing on water distribution, sewage treatment, and related environmental services.

The company benefits from stable demand for essential utilities and is actively expanding its portfolio of green and sustainable water infrastructure projects.

Currency: USD

Original Note:

https://www.bondsupermart.com/bsm/bond-factsheet/XS3201944314
https://www.bondsupermart.com/bsm/bond-factsheet/YJ4097160Initial Price Guidance: 7.300% area

Bond Rating: Ba1 (Moody’s) / BB+ (S&P)

Ranking: Senior Unsecured

Type: Blue Note

Min. / Incremental Size: USD 200,000 / 1,000

Timing: As early as today’s business

First Issuance Date: 7 May 2026

673

Bondsupermart

May 8, 2026, 08:49 PM

💡 Learning of the Day

What are “Blue Bonds”?

“Blue bonds” are part of the ESG investing world — similar to green bonds, but focused on oceans and water sustainability.

📌 What do they fund?

• Ocean conservation (coral reefs, marine life)
• Sustainable fisheries
• Clean water & wastewater management
• Coastal ecosystem protection

⚙️ Interesting Structural Incentives:

Blue bonds are usually designed with impact-linked features:

• If the issuer meets certain environmental targets (e.g. protecting marine areas)

→ Investors may accept a slightly lower return

• If targets are not met

→ The issuer may pay a higher return (step-up) as compensation

🧠 Think of it as:

You’re not just investing for yield — you’re also rewarding real-world impact

#learningoftheday

737

Bondsupermart

May 8, 2026, 08:49 PM

📌 New HKD Bond Issuance

Issuer: Airport Authority Hong Kong

🌟 Brief Description of Issuer 🌟

Airport Authority Hong Kong is a statutory body wholly owned by the Government of Hong Kong, responsible for the operation and development of Hong Kong International Airport.

The authority plays a critical role in regional aviation and logistics, including the ongoing expansion of the airport through the Three-Runway System (3RS) project to enhance long-term capacity and connectivity.

Currency: HKD

Tenure | Price Guidance

https://bit.ly/4vSTIVY
https://bit.ly/3P20hVL
https://bit.ly/4vUNdBZ

Bond Rating: AA+ (S&P)

Ranking: Senior Unsecured

Min. / Incremental Size: HKD 1,000,000 / 500,000

Timing: Today’s business

First Issuance Date: 6 May 2026

986

Bondsupermart

May 8, 2026, 08:49 PM

📌 Credit Update https://bit.ly/4cPlSse25

FWD delivered yet another set of good results in FY25, with net profits continuing to improve alongside healthy business growth and a stronger credit profile.

🌟 Highlights 🌟

🔹 FWD delivered another strong year in FY25, with new business growth remaining strong, led by Hong Kong & Macau.

🔹 FWD’s profitability improved as higher contractual service margin (CSM) release lifted insurance earnings. Cost discipline supported earnings quality, with FWD’s expense ratio improving (falling) to 14.3% from 15.3%.

🔹 Management’s outlook remains constructive, with mid-teens OPAT growth still the broad goal, supported by a larger CSM base and tighter cost control.

🔹 FWD’s credit metrics strengthened post-IPO, with leverage falling to 21.3%, solvency staying strong, and free-surplus generation improving in FY25.

🔹 FWD’s investment book remains fairly solid, with most assets in fixed income, high investment-grade exposure, and limited China property or LGFV risk.

🔹 We remain confident of FWD’s credit profile, and primarily recommend its 2030, 2031, and 2033 bonds.

https://bit.ly/4cPlSse

617

Bondsupermart

May 2, 2026, 12:15 AM

📌 Credit Update

https://bit.ly/4sXd3CW

🌟 Highlights 🌟

🔹 Resilient FY2025 financial performance compared to FY2024 despite lower average realised oil prices (USD$69.06 in FY2025 vs USD$80.76 in FY2024). Adjusted EBITDA rose 5% YoY to USD$42.5b, with margins stable at 49%.

🔹 Production efficiency saw Petrobras increase total barrels lifted, at an overall lower cost compared to FY2024 due to a ramp-up in output, particularly from new offshore fields.

🔹 Operating Cash flow conversion from EBITDA continues to strengthen, supporting positive free cash flow across the cycle.

🔹 Debt levels ticked down slightly, while credit metrics remain stable. Total liquidity of USD 11.1b mostly covers near-term obligations.

🔹 About the bonds: we continue to like the 2030-2035 USD bonds, offering yield-to-worst of 5+% to 6+%, representing attractive yield pickups compared to international oil majors’ comparable bonds.
https://bit.ly/4sXd3CW
We previously initiated coverage on Petrobras and its bonds earlier this year.

Check out the related article here:

https://www.bondsupermart.com/bsm/article-detail/RSS216

949

Bondsupermart

May 2, 2026, 12:15 AM

📌 New USD Bond Issuance

Issuer: https://bit.ly/4eK1cVa

🌟 Brief Description of Issuer 🌟

Korea Expressway Corporation is a state-owned enterprise responsible for the construction, operation, and maintenance of expressways in South Korea.

The company plays a critical role in national infrastructure, benefiting from strong government support and stable, predictable cash flows from toll road operations.

Currency: USD

Tenure | Price Guidance

5-Years | T +75 bps area (Est. 4.681%)

Bond Rating: Aa2 (Moody’s) / AA (S&P)

Ranking: Senior Unsecured

Min. / Incremental Size: USD 200,000 / 1,000

Timing: Today’s business (during NY hours)

First Issuance Date: 6 May 2026

637

Bondsupermart

May 2, 2026, 12:15 AM

📌 New USD Bond Issuance

Issuer: https://bit.ly/4vLY8hm

Guarantor: Cathay Life Insurance Co., Ltd.

🌟 Brief Description of Issuer 🌟

Cathay Life Insurance, founded in 1962 and based in Taiwan, is the largest life insurer in the country, commanding a significant market share with over 8 million policyholders. It offers a wide range of protection products, including individual life, health, injury, and investment-linked insurance.

The company is part of Cathay Financial Holding Co. and has expanded internationally, with operations in China and Vietnam.

Currency: USD

Tenure | Price Guidance

15-Years Non-Callable 10-Years | T+160 bps area (Est. 5.903%)

Bond Rating: BBB+ (S&P) / BBB+ (Fitch)

Ranking: Tier 2 Subordinated

Min. / Incremental Size: USD 200,000 / 1,000

Timing: Today’s business

First Issuance Date: 29 April 2026

935

Bondsupermart

May 2, 2026, 12:15 AM

✴ Learning of the day

🌟 Why and how does Singapore manages it's monetary policy without interest rates? 🌟

Unlike the Federal Reserve or European Central Bank, which mainly adjust interest rates, the Monetary Authority of Singapore (MAS) focuses on managing the Singapore dollar (SGD).

Why?

Because Singapore is:

A small, open economy that is xtremely dependent on trade (imports + exports)

So inflation in Singapore is heavily driven by imported prices (food, energy, goods).

Controlling the currency directly is more effective than tweaking borrowing costs.

🌟 How MAS actually does it? 🌟

Instead of setting a policy rate, MAS manages the SGD against a basket of currencies (not just USD).

This is called the SGD Nominal Effective Exchange Rate (S$NEER).

They control it using three levers:

✅ Slope – the rate at which the currency is allowed to appreciate or depreciate over time

➡ Steeper slope → stronger SGD → lowers inflation
➡ Flatter slope → weaker SGD → supports growth

✅ Band width – how much the currency can fluctuate

➡ Wider band → more flexibility
➡ Narrower band → tighter control

✅ Midpoint (re-centering) – shifting the whole range up or down
Immediate tightening or easing effect

🌟 Why they avoid interest rates? 🌟

Singapore can’t independently control interest rates very well because of free capital flows.

This ties into the economic concept known as the “impossible trinity” (or trilemma):

➡ Free capital movement
➡ Independent monetary policy
➡ Stable exchange rate

You can only fully achieve two out of three.

Singapore chooses:

Free capital flows ✅
Managed exchange rate ✅
Independent interest rate ❌

🌟 So where do interest rates come from in Singapore? 🌟

Domestic rates (like SIBOR/SORA) are largely influenced by:

Global rates (especially the US)
Liquidity conditions

In other words, Singapore imports interest rate conditions, but controls inflation via FX.

#learningoftheday

Bondsupermart

May 2, 2026, 12:15 AM

📌 New USD Bond Issuance

Issuer: https://bit.ly/4vHc1NL

🌟 Brief Description of Issuer 🌟

Terumo Corporation is a Japan-based global healthcare company specializing in medical devices and technologies used in hospitals and clinical settings.

The company operates across cardiovascular, general hospital, and blood management segments, with a strong global presence and reputation for innovation in minimally invasive treatments.

https://www.terumo.com/about

Currency: USD

Tenure | Price Guidance

5-Years | T+100 bps area

Bond Rating: A- (S&P)

Ranking: Senior Unsecured

Min. / Incremental Size: USD 200,000 / 1,000

Timing: As early as today’s business

First Issuance Date: 28 April 2026

932

Bondsupermart

May 2, 2026, 12:15 AM

📌 New HKD Bond Issuance

Issuer: https://bit.ly/4vPysRg

Guarantor: Cathay Pacific Airways Limited ( http://0293.HK/)

🌟 Brief Description of Issuer 🌟

Cathay Pacific Airways Limited is the flag carrier airline of Hong Kong, operating passenger and cargo services across Asia, Europe, and North America.

The group plays a key role in global aviation logistics and travel connectivity, with a strong hub at Hong Kong International Airport and a focus on premium service and operational efficiency.

Currency: HKD

Tenure | Price Guidance

3-Years | 4.10% area

Bond Rating: Unrated

Ranking: Senior Unsecured

Min. / Incremental Size: HKD 1,000,000 / 500,000

Timing: Today’s business

First Issuance Date: 29 April 2026

937

Bondsupermart

May 2, 2026, 12:15 AM

📌 New SGD Bond Issuance

Issuer: https://bit.ly/3QP7RmZ

Guarantor: Seatrium Limited

🌟 Brief Description of Issuer 🌟

Seatrium Limited is a Singapore-based global provider of engineering solutions to the offshore, marine, and energy industries, formed in 2023 by merging Keppel Offshore & Marine and Sembcorp Marine.

The company specializes in designing and constructing rigs, floaters, offshore platforms, and specialized vessels, alongside ship repairs and upgrades.

https://seatrium.com/

Currency: SGD

Tenure | Price Guidance

5-Years | 3.200% area

Bond Rating: Unrated

Ranking: Senior Unsecured

Min. / Incremental Size: SGD 250,000 / 250,000

Timing: Today's business

First Issuance Date: 28 April 2026

831

Bondsupermart

May 2, 2026, 12:15 AM

📌 New HKD Bond Issuance

Issuer: MTR Corporation Limited

🌟 Brief Description of Issuer 🌟

MTR Corporation Limited is a Hong Kong-based transport operator known for managing one of the world’s most efficient urban rail networks.

The company operates railway systems in Hong Kong and internationally, while also engaging in property development, leveraging its “rail plus property” business model to generate stable recurring income.

Currency: HKD

Tenure | Price Guidance

https://bit.ly/4tw3j3K | 3.20% area
https://bit.ly/4cE1pGM | 3.65% area
https://bit.ly/4d0EF4f | 4.30% area

Bond Rating: Aa3 (Moody’s) / AA+ (S&P)

Ranking: Senior Unsecured (Green Notes)

Min. / Incremental Size: HKD 1,000,000 / 500,000

Timing: As early as today

First Issuance Date: 28 April 2026

860

Bondsupermart

May 2, 2026, 12:15 AM

📌 New SGD Bond Issuance

Issuer: https://www.bondsupermart.com/bsm/prelaunch-bond-factsheet/7529. (as Trustee-Manager of Keppel Infrastructure Trust)

🌟 Brief Description of Issuer 🌟

Keppel Infrastructure Trust is a Singapore-listed infrastructure business trust managed by Keppel Infrastructure Fund Management Pte. Ltd., part of the broader Keppel Corporation group.

The trust invests in and manages a diversified portfolio of infrastructure assets across energy, environmental services, telecommunications, and transportation, generating stable and recurring cash flows.

Currency: SGD

Tenure | Price Guidance

7-Years | 3.10% area

Bond Rating: Unrated

Ranking: Senior Unsecured

Min. / Incremental Size: SGD 250,000 / 250,000

Timing: Today’s business

First Issuance Date: 28 April 2026

758

Bondsupermart

May 2, 2026, 12:15 AM

📌 New AUD Kangaroo Bond Issuance Issuer: European Investment Bank (Quasi-Sovereign) 🌟 Brief Description of Issuer 🌟 The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its 27 Member States. As one of…

810

Showing 30 of 51 posts

Loading posts...

Rating

User Reviews (0)

No reviews yet. Be the first to share your experience!

Loading reviews...

Related Telegram Channels

Loading recommended channels...

Bondsupermart

Bondsupermart

Ranking

Participant Growth (Last 5 Days)

Latest Posts

Rating

User Reviews (0)

Related Telegram Channels

🦅 Aquila 🦅

OKX Announcements

Yelegram Escrow Universe 🔥

TLMKRPM

Official Dear Sir

Posolstvo.eu 🇪🇺 – Bulgarian Citizenship & Immigration 🇧🇬

Free Plugins

WAR CORRESPONDENT

Related Telegram Channels

🦅 Aquila 🦅

OKX Announcements

Yelegram Escrow Universe 🔥

TLMKRPM

Official Dear Sir

Posolstvo.eu 🇪🇺 – Bulgarian Citizenship & Immigration 🇧🇬

Free Plugins

WAR CORRESPONDENT

User Reviews (0)

Latest Posts