While the institutional placement remained 1.43 times oversubscribed this round, the order book was down from 2.26 times at last year’s debut.
The US Federal Reserve has set the tone: Interest rates will remain higher for longer. While this has helped drive growing interest for fixed income investments, retail investors were largely apathetic towards Singapore’s sovereign green bond, as seen from flagging demand for the Aug 24 reopening of an existing 50- year maiden note sold in August 2022.
The public offer saw a paltry subscription rate of just 0.08 times, according to issuance results released by the Monetary Authority of Singapore (MAS) on Aug 30. This is down from 1.06 times at last year’s inaugural offering.
