Latest news with #MonetaryAuthorityofSingapore
Yahoo
a day ago
- Business
- Yahoo
Singapore's core inflation rises at the same pace as last month
By Cynthia Li (Bloomberg) – Singapore's key inflation gauge rose at the same annual rate in June from last month, ahead of a closely-watched monetary policy review. The core inflation rate, which excludes housing and private transportation costs, stood at 0.6% in June from a year earlier, according to a statement by the Department of Statistics Singapore on Wednesday. That's the same as the 0.6% in May and is weaker than the 0.7% median estimate in a Bloomberg News survey. The overall inflation rate came in at 0.8% last month from a year ago, lower than the 0.9% survey median estimate. Recreation prices fell 2.6% in June compared to a year ago, after also falling 2% in May. The food inflation rate was 1% in June, while healthcare costs rose 2.8%. The figures will feed into the Monetary Authority of Singapore's policy review due on July 30. Official estimates project the city-state's core inflation to average between 0.5%-1.5% this year. Some economists including those at Bank of America, Goldman Sachs and Barclays are predicting an easing of monetary policy this month as they expect price pressures to remain low and stable in the period ahead. Economists at Citigroup, however, see a 60% chance the MAS holds its policy settings. Wednesday's data follow quarterly gross domestic product figures from last week that showed Singapore's economy avoided a technical recession, led by manufacturing and services exports as businesses seek to front-run higher US tariffs. More stories like this are available on ©2025 Bloomberg L.P.
Reuters
a day ago
- Business
- Reuters
Singapore's core inflation rises 0.6% y/y in June, lower than poll forecast
SINGAPORE, July 23 (Reuters) - Singapore's key consumer price gauge rose 0.6% in June from a year earlier, official data showed on Wednesday, lower than economists' forecasts. The core inflation rate, which excludes private road transport and accommodation costs, compared with a forecast of 0.7% in a Reuters poll of economists. Headline inflation was 0.8% in annual terms in June, lower than economists' forecast of 0.9%. The data was released a week ahead of the Monetary Authority of Singapore's review of its policy settings on July 30. EToro market analyst Josh Gilbert said the softer-than-expected inflation rate adds weight to expectations that the central bank will loosen monetary policy. "With growth still sluggish and inflation now well contained, it will be harder for MAS to justify holding policy steady, and today's data strengthens that argument," he said. At the previous review in April, the MAS loosened monetary policy for the second time this year, and downgraded its economic growth forecast for 2025 to 0% to 2%. It also reduced its forecasts for both core and headline inflation this year to 0.5% to 1.5%.
Business Times
2 days ago
- Business
- Business Times
Temasek-backed Azalea is back with another PE-backed bond offering
[SINGAPORE] Azalea Asset Management, an indirect subsidiary of Temasek Holdings, will be launching a new series of bonds backed by 40 private equity (PE) funds. The indicative total size of the new issuance, Astrea 9 Private Equity Bonds, is US$780 million. It is about 48 per cent of the underlying PE portfolio valued at US$1.63 billion as at end-December 2024. The funds invested in 1,086 companies in various industries, including information technology, industrials, healthcare, financials and consumer discretionary. The coupon rates of the bonds will be announced later. The issuance will have three classes of bonds: A-1, A-2 and B Payment-in-Kind (PIK). However, only Class A-1 and A-2 bonds will be made available to retail investors, according to a preliminary prospectus lodged on Tuesday (Jul 22) at the Monetary Authority of Singapore's Opera site. The indicative size of the lowest-risk tranche of Class A-1 bonds is S$615 million, comprising S$400 million for the public offer and a placement of another S$215 million to institutions and other investors. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The Class A-1 tranche is expected to be rated A+sf by Fitch Ratings, while the Class A-2 tranche is expected to be rated Asf. The 'sf' suffix refers to structured financial instrument. The indicative size of the Class A-2 bonds is US$200 million. It comprises US$50 million for the public offer and a placement of another US$150 million. Both classes of bonds are subject to a mandatory call after five years in 2030 and a legal maturity of 15 years in 2040. Based on the tentative timeline in the prospectus, the public offer for Class A-1 and A-2 bonds will open for applications on Jul 31 at 9 am and close at noon on Aug 6. The minimum application for retail is S$2,000. The issuance of the Class B PIK bonds has an indicative size of US$100 million, all of which will be offered to institutions and other investors through a placement. The Class B bonds do not have a scheduled call date and they are expected to mature in August 2040. The expected rating for the Class B PIK tranche is BBBsf by Fitch.
Business Times
2 days ago
- Business
- Business Times
Temasek unit Azalea is back with another PE-based bond offering
[SINGAPORE] Azalea Asset Management, an indirect subsidiary of Temasek Holdings, will be launching a new series of bonds backed by 40 private equity (PE) funds. The indicative total size of the new issuance, Astrea 9 Private Equity Bonds, is US$780 million. It is about 48 per cent of the underlying PE portfolio valued at US$1.63 billion as at end-December 2024. The funds invested in 1,086 companies in various industries, including information technology, industrials, healthcare, financials and consumer discretionary. The coupon rates of the bonds will be announced later. The issuance will have three classes of bonds: A-1, A-2 and B Payment-in-Kind (PIK). However, only Class A-1 and A-2 bonds will be made available to retail investors, according to a preliminary prospectus lodged on Tuesday (Jul 22) at the Monetary Authority of Singapore's Opera site. The indicative size of the lowest-risk tranche of Class A-1 bonds is S$615 million, comprising S$400 million for the public offer and a placement of another S$215 million to institutions and other investors. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The Class A-1 tranche is expected to be rated A+sf by Fitch Ratings, while the Class A-2 tranche is expected to be rated Asf. The 'sf' suffix refers to structured financial instrument. The indicative size of the Class A-2 bonds is US$200 million. It comprises US$50 million for the public offer and a placement of another US$150 million. Both classes of bonds are subject to a mandatory call after five years in 2030 and a legal maturity of 15 years in 2040. Based on the tentative timeline in the prospectus, the public offer for Class A-1 and A-2 bonds will open for applications on Jul 31 at 9 am and close at noon on Aug 6. The minimum application for retail is S$2,000. The issuance of the Class B PIK bonds has an indicative size of US$100 million, all of which will be offered to institutions and other investors through a placement. The Class B bonds do not have a scheduled call date and they are expected to mature in August 2040. The expected rating for the Class B PIK tranche is BBBsf by Fitch.
Business Times
2 days ago
- Business
- Business Times
Temasek is back with another PE-backed bond offering
[SINGAPORE] Azalea Asset Management, an indirect subsidiary of Temasek Holdings, will be launching a new series of bonds backed by 40 private equity (PE) funds. The indicative total size of the new issuance, Astrea 9 Private Equity Bonds, is US$780 million. It is about 48 per cent of the underlying PE portfolio valued at US$1.63 billion as at end-December 2024. The funds invested in 1,086 companies in various industries, including information technology, industrials, healthcare, financials and consumer discretionary. The coupon rates of the bonds will be announced later. The issuance will have three classes of bonds: A-1, A-2 and B Payment-in-Kind (PIK). However, only Class A-1 and A-2 bonds will be made available to retail investors, according to a preliminary prospectus lodged on Tuesday (Jul 22) at the Monetary Authority of Singapore's Opera site. The indicative size of the lowest-risk tranche of Class A-1 bonds is S$615 million, comprising S$400 million for the public offer and a placement of another S$215 million to institutions and other investors. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The Class A-1 tranche is expected to be rated A+sf by Fitch Ratings, while the Class A-2 tranche is expected to be rated Asf. The 'sf' suffix refers to structured financial instrument. The indicative size of the Class A-2 bonds is US$200 million. It comprises US$50 million for the public offer and a placement of another US$150 million. Both classes of bonds are subject to a mandatory call after five years in 2030 and a legal maturity of 15 years in 2040. Based on the tentative timeline in the prospectus, the public offer for Class A-1 and A-2 bonds will open for applications on Jul 31 at 9 am and close at noon on Aug 6. The minimum application for retail is S$2,000. The issuance of the Class B PIK bonds has an indicative size of US$100 million, all of which will be offered to institutions and other investors through a placement. The Class B bonds do not have a scheduled call date and they are expected to mature in August 2040. The expected rating for the Class B PIK tranche is BBBsf by Fitch.
