• 15
  • 1
  • Favorite

SG Morning Call | Singapore Boosted Green Bond Sale to $2.1 Bln; Electricity Retailers Faced Tighter Hedging Rules

Tiger Newspress2023-08-25

Market Forecast

The Singapore stock market has tracked higher in three straight sessions, collecting more than 25 points or 0.8 percent along the way. The Straits Times Index now rests just above the 3,180-point plateau although it may run out of steam on Friday.

The global forecast for the Asian markets is negative on apprehension over the outlook for interest rates. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The STI finished slightly higher on Thursday following gains from the financial shares, property stocks and industrials.

For the day, the index added 6.54 points or 0.21 percent to finish at 3,180.72 after trading between 3,174.96 and 3,197.00.

Local News to Watch

Singapore Boosts Green Bond Sale to as Much as $2.1 Billion

Singapore started its green bond sale to raise as much as S$2.8 billion ($2.1 billion) by reopening an existing 50-year maiden note it sold last year, adding resources to its climate-change efforts. The city-state — which boosted the size from an earlier target of at least S$1.8 billion — plans to raise as much as S$2.75 billion via a placement to institutions and S$50 million through a public offering, according to details on the website of the Monetary Authority of Singapore, or MAS, which is acting as a government agent in the sale. The initial pricing guidance for the deal was around 3.15%.

Tighter Hedging Rules From Q1 Next Year to Limit Risks for Singapore’s Electricity Retailers

Singapore’s new rules for electricity retailers to step up their hedging game to withstand market swings are set to go live from the first quarter of next year.

This comes in the wake of an unprecedented energy crisis that saw a handful of exits two years ago.

According to a spokesperson with the Energy Market Authority (EMA), the hedging rules for retailers will be implemented next year following discussions between the regulator and retailers that are expected to go on till year-end.

This also applies to the new rules for retailers to provide a performance bond (PB) to cover their respective unhedged contracted consumer demand.

Singapore, Qatar Boost Cooperation in Digitalisation, Education and More

Singapore and Qatar technology start-ups will soon find it easier to access each other’s markets, while companies from both sides can look forward to commercial partnerships in areas such as transport and logistics, energy, manufacturing and digitalisation.

The two countries inked five new memorandums of understanding on Thursday to strengthen bilateral cooperation in the areas of social development and family; education; water-related research; enterprise digitalisation and innovation; and commercial partnerships.

The agreements were signed during the official visit to Singapore by Qatar Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani. Sheikh Mohammed and Prime Minister Lee Hsien Loong witnessed the signing of the five agreements.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment1

 
 
 
 

Most Discussed

 
 
 
 
 

7x24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email:uservice@ttm.financial