Customer Logins

Obtain the data you need to make the most informed decisions by accessing our extensive portfolio of information, analytics, and expertise. Sign in to the product or service center of your choice.

Customer Logins

My Logins

All Customer Logins
S&P Dow Jones Indices

  • S&P Global
  • S&P Dow Jones Indices
  • S&P Global Market Intelligence
  • S&P Global Mobility
  • S&P Global Commodity Insights
  • S&P Global Ratings
  • S&P Global Sustainable1
Close
Discover more about S&P Global's offerings
English
  • Español (Spanish)
  • Português (Portuguese)
  • 한국어 (Korean)
  • 简体中文 (Simplified Chinese)
  • 繁體中文 (Traditional Chinese)
  • 日本語 (Japanese)
About
  • About Us
  • Our Services
  • Media Center
  • Contact Us
Register / Login IHS Markit Login
Hi
  • My Preferences
  • Log out
S&P Dow Jones Indices
  • Indices
  • Research & Insights
  • Exchange Relationships
  • Professional Resources
  • Governance
Index Finder
  • By Category
    • Equity
    • Fixed Income
    • Commodities
    • Strategy
    • Multi-Asset
     
    • ESG
    • Thematics
    • Digital Assets
    • Indicators
    • Custom Solutions
    By Region
    • Global
    • Americas
    • Europe
    • Middle East & Africa
    • Asia Pacific
    IHS MARKIT INDICES
    • iBoxx Bond & Loan Indices
    • ESG/Sustainable Indices
    • Credit Default Swap Indices
    • Private Investment Benchmarks
    See All IHS Markit Solutions
    • Overview
    • Research
    • Commentary
    • Education
    • Performance Reports
    • SPIVA
    • Investment Themes
    • Blog
    • Events
    • Index TV
    STAY CONNECTEDGet our latest research and insights in your inbox.Sign Up
    INDEX DASHBOARDSPerformance Analytics at a GlanceAccess the Latest Dashboards
    • Overview
    • North America
    • Latin America
    • EMEA
    • Asia Pacific
    • Financial Advisors
    • Insurance
    • Institutional Investors
    • Defined Contribution
    INDEX-LINKED PRODUCTSExplore products linked to our indices.Find Products
    • Overview
    • Regulatory Information
    • Methodologies
    • Consultations
    • Corporate Engagement
    METHODOLOGY INFOGICS®: Global Industry Classification StandardExplore
    METHODOLOGY INFOS&P DJI Market ClassificationLEARN MORE
    IHS MARKITView methodologies, annexes, guides and legal documents.ACCESS DOCUMENTATION
INDICES COMMENTARY May 09, 2022

iBoxx SGD Monthly Update: May 2022

Contributor Image
Rahul Sharma
Contributor Image
Wilson Mak

April 2022 End-of-Month Commentary

Shorter- and longer-term interest rates in developed markets moved higher in April. The broad increase in rates reflected a progressing inflationary environment stemming from hot headline inflation, the impact of the pandemic and the ongoing Russia-Ukraine conflict. Global equities declined and fixed income underperformed, as the abrupt lift-off in rates prompted markets to adjust to new valuations. The U.S. dollar surged to a recent high on the back of aggressive U.S. rate hike forecasts, and commodity prices remained at elevated levels supported by supply dislocations.

In Singapore, the MAS raised the core inflation forecast for 2022 and adopted a tighter monetary policy to slow inflation momentum and maintain price stability. The iBoxx Singapore Dollar (SGD) Overall Index fell 0.76% in April, after the worst monthly loss of -3.03% since inception over the preceding month.

All investment grade (IG) subindices fell in the red, with the A sector registering the best performance and the BBB sector the worst. In general, SGD IG bonds endured losses across the curve and faced sharp declines in longer-dated maturity buckets.

With lower duration and higher yield, the non-sovereigns sub-index outperformed both the overall index and government subindex. Temasek and LTA bonds had the longest duration among the worst performers.

By the end of the month, the overall index offered a yield of 2.83% with a duration of 6.93 years.

May 2022 Rebalance

This rebalance, SGD 2 billion of new notional was inserted into the iBoxx SGD Overall index via eight bonds.

Concurrently, three bonds left the index, removing SGD 425 million of notional. All departing bonds left the index due to their respective expected remaining lives, falling below one year.

The implied rating of KEPSP has been downgraded to high yield this month.

Please refer to the Appendix in the full commentary for rating changes observed at the May rebalance.

SEE FULL REPORT HERE

Posted 09 May 2022 by Rahul Sharma, Director - Indices, IHS Markit and

Wilson Mak, Analyst - Indices, S&P Dow Jones Indices

Previous Next
Recommended for you

Data and Information Services
Trade Processing
Risk and Regulatory Compliance
Financial Technology Solutions
Related Posts
VIEW ALL
Commentary Mar 07, 2023

iBoxx Asian Local Currency Monthly Commentary: February 2022

Commentary Mar 07, 2023

iBoxx USD Asia ex-Japan Monthly Commentary: February 2023

Commentary Oct 10, 2022

iBoxx USD Asia ex-Japan Monthly Update: October 2022

VIEW ALL
{"items" : [ {"name":"share","enabled":true,"desc":"<strong>Share</strong>","mobdesc":"Share","options":[ {"name":"facebook","url":"https://www.facebook.com/sharer.php?u=http%3a%2f%2fwww.spglobal.com%2fspdji%2fen%2findices%2fresearch-analysis%2fiboxx-sgd-monthly-update-may-2022.html","enabled":true},{"name":"twitter","url":"https://twitter.com/intent/tweet?url=http%3a%2f%2fwww.spglobal.com%2fspdji%2fen%2findices%2fresearch-analysis%2fiboxx-sgd-monthly-update-may-2022.html&text=iBoxx+SGD+Monthly+Update%3a+May+2022+%7c+S%26P+Global+","enabled":true},{"name":"linkedin","url":"https://www.linkedin.com/sharing/share-offsite/?url=http%3a%2f%2fwww.spglobal.com%2fspdji%2fen%2findices%2fresearch-analysis%2fiboxx-sgd-monthly-update-may-2022.html","enabled":true},{"name":"email","url":"?subject=iBoxx SGD Monthly Update: May 2022 | S&P Global &body=http%3a%2f%2fwww.spglobal.com%2fspdji%2fen%2findices%2fresearch-analysis%2fiboxx-sgd-monthly-update-may-2022.html","enabled":true},{"name":"whatsapp","url":"https://api.whatsapp.com/send?text=iBoxx+SGD+Monthly+Update%3a+May+2022+%7c+S%26P+Global+ http%3a%2f%2fwww.spglobal.com%2fspdji%2fen%2findices%2fresearch-analysis%2fiboxx-sgd-monthly-update-may-2022.html","enabled":true}]}, {"name":"rtt","enabled":true,"mobdesc":"Top"} ]}
Filter Sort
  • About S&P Dow Jones Indices
  • Our Services
  • Media Center
  • Contact Us
  • Careers
  • Corporate Responsibility
  • History
  • Investor Relations
  • Leadership
  • © 2023 S&P Dow Jones Indices
  • Legal Disclaimers
  • Terms of Use
  • Privacy Policy
  • Cookie Notice
  • Do Not Sell My Personal Information
  • Complaints