05 Oct 1998... In August this year, MAS announced a series of measures to liberalise the use of Singapore dollars outside Singapore. These measures would make it easier for foreign entities to list Singapore dollar denominated shares and issue Singapore dollar bonds, where the proceeds will be used outside Singapore. The aim was to develop broad and deep capital markets to attract a broad range of international issuers, investors and intermediaries.

The IFC bond issuance is the first major bond issue denominated in Singapore dollars by an international issuer since the August announcement and also the first supranational issue in Singapore. "This is an encouraging development," said Mr Koh Yong Guan, Managing Director of the Monetary Authority of Singapore. "We believe that this would help stimulate the growth of the debt market in Singapore."

Mr Koh added that he expects more Singapore dollar bond issues by supranationals over the next year. "This is in line with our objective of developing as a centre for the origination, listing and trading of foreign securities for the Asian region."

IFC is a member of the World Bank Group which includes the International Bank for Reconstruction and Development (IBRD), the International Development Agency (IDA) and the Multilateral Guarantee Agency (MIGA).