The corporate debt market also continued
to grow in 2003, with total outstanding corporate debt securities
rising 16% to S$103 billion at year-end, as a diversified range
of borrowers tapped the Singapore market. The volume of new
corporate debt issuance also grew 79.7% to S$67.2 billion at
end 2003 (See Chart 8).
The bond market saw strong interest in structured products as
investors sought higher yields in a low interest rate environment.
Foreign entity corporate bond issuance dipped slightly in value
to $1.7 billion (See Chart 9). Issuance in the first part of
the year was low due to uncertainty brought about by the outbreak
of SARS and the war in Iraq. However issuance started to pick
up in the last quarter of 2003 and continued to be strong into
the first quarter of 2004.
Enhancing Risk-focused Supervisory Approach
Box 1 Fostering a Sound and Progressive
Financial Services Sector