Singapore Daily Briefing

Singapore REITs continued their fundraising run in 2026, tapping both equity and debt markets despite a higher-rate environment. The sector's ability to raise capital at compressed spreads signals institutional confidence in Singapore's commercial and industrial property fundamentals. REIT distribution yields remain attractive relative to SGS bonds at current spreads, maintaining their appeal for income-oriented investors in the STI.

Speculative positioning in the JPY has flipped net long for the first time since February as BoJ rate-hike expectations build ahead of this week's policy meeting. For Singapore portfolios with Japan exposure — particularly Nikkei-linked structured products or Japanese corporate bonds — JPY appreciation is a tailwind. The SGD/JPY cross-rate is the key monitor for cross-border allocation flows this week.

Keppel Corporation and UOB led a wave of corporate buybacks in Singapore, while insider buying activity broadened across mid-cap SGX names. Buybacks of this scale from two of Singapore's largest conglomerates signal management confidence in intrinsic value — typically a positive leading indicator for STI returns over a 3–6 month horizon. UOB's move is notable given the bank's broad ASEAN credit exposure and upcoming NIM normalisation from rate cycles.