Singapore’s covered bond boom is largely a DBS story
The market has grown rapidly, but a closer look shows the three local banks are using this funding tool very differently
Singapore's covered bond market has experienced significant growth, with outstanding funds rising from S$17.3 billion in 2021 to S$29.8 billion in 2025. This growth rate of 15% annually has been driven primarily by local banks, with one bank, DBS, playing a dominant role. The Monetary Authority of Singapore (MAS) reported this data in its latest annual update on the corporate debt market, released on September 14.
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