Singapore Bonds Beat Global Peers as Curbs Fan Haven Demand

City-state’s debt beat main developed-market peers last month
Subdued inflation, lack of supply pressure are other positives

The central business district of Singapore earlier in May. Singapore was forced to reimpose a month of lockdown-like conditions from May 16 to quell a rising number of infections, its first return to tightening restrictions since last year. — The central business district of Singapore earlier in May. Singapore was forced to reimpose a month of lockdown-like conditions from May 16 to quell a rising number of infections, its first return to tightening restrictions since last year.
Photographer: Lauryn Ishak/Bloomberg

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By Masaki Kondo and Chester Yung

May 31, 2021 at 11:30 PM UTC

Updated on

June 1, 2021 at 4:29 AM UTC

This article is for subscribers only.

Singapore government bonds beat their biggest developed-market peers in May as a flare-up in virus infections in the city state fostered demand for haven assets.

The securities gained 1.1% last month, a performance which trails only that of South African, Mexican and Indonesian bonds among 30 of the world’s largest debt markets, according to data compiled by Bloomberg. Fifteen- and 20-year bonds outperformed other tenors.