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Singapore's debt market consists of
public/government and private sector bonds.
Government issues comprise short-term treasury bills (out to one year), and
longer term fixed coupon bonds.
The Singapore corporate market uses a wide range of debt structures that
include fixed and floating rate notes, asset-backed securities (ABS), equity
linked notes, mortgage-backed securities (MBS) and many other structured
products.
The structured note market continues to grow and comprises about half of
outstanding corporate issuance. The number of Special Purpose Vehicles
illustrates the importance of structured notes to the Singapore dollar
market.
The Commercial MBS (CMBS) market has taken off largely through Real Estate
Investment Trusts (REITs). Singapore-listed REITs have been large issuers of
CMBS. REITs offer investors access to a portfolio of property assets
including commercial, retail, industrial and residential properties, usually
paying a dividend based on net proceeds from the property portfolio, rather
than a coupon.
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