ANNUAL REPORT 2002 / 2003


Singapore Government Securities Market

The SGS market continued to grow, with total outstanding SGS increasing by S$4.4 billion to reach S$58.1 billion at end 2002 and average daily trading volume rising to S$2.0 billion. The SGS repo market also grew in tandem, with average daily trading volume rising by 39.4% to S$2.5 billion in 2002. (See Chart 4.)

During the period, the SGS yield curve continued in tandem with falling global interest rates amid slowing global economic growth. (See Chart 5.) The flatter yield curve also reflects expectations of a continued low interest rate environment and easier domestic and global monetary conditions.


A More Resilient Financial Sector Structure of Financial Sector Financial Market Activity
Singapore Government Securities Market  Corporate Debt Market

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