August 2, 2021

16 thoughts on “Rolf’s View of the World and Singapore’s Economy – Is Singapore over-leveraged? (Part 4)

  1. not all metrics measure equally.
    not all metrics measure fairly.

    "Singapore has all-time high debt to GDP of ~105% recorded as of end 2015. We ranked top ten in world's most indebted nation relative to GDP. U.S. sits just below Singapore in the indebtedness ranking. "

    good highlight

    "The debt incurred by these entities is used to fund activities in other nations, so its relationship to the host country’s GDP is not indicative of risk."

    1. Hi SMK,

      Yes, mostly to develop domestic debt and borrowed from CPF for housing and foreign investments.

  2. Perhaps the right metric is to be able to collect local industries leverage data eg. SME, GLCs. and look at the ratio to tell.

    1. Hi Cory,

      I do not have that data, perhaps u have something to share?

      Read an article today:

      Mas : corporate debt mkt grew at compound annual rate of 14% from 2010-14.

      Total outstanding debt $308b at end of 14.

      Sgd corporate bond ave 20-25b pa over last few yrs. As of 1H16, sgd bond outstanding at 140b. this incl. HDB bonds.

      Default of corporate bonds: Pacific Andes Jan16, Trikomsel Nov15 & Swiber Aug16.

      Don't think I will delve into details as I already mentioned Sg have no external debt and most debts are issued to CPF, so I reckon SG is not highly leverage as it seems.

    2. Hi Rolf, agreed to your comment SG is not highly leverage. Which is why when sometimes i come across analyst report that use general debt to rate country risk i shake my head.

  3. Time has really changed. From the Singapore Lion to Esplanade aka Durian to Marina Bay Sands. Anyone still remember the Singapore Flyer? What's next?

    1. Hi Sweet retirement,

      U mean the flyer failure?

      We do have a nice views of Sg during F1. It's stunning views which is something we should be proud of.

      Just that I am uncomfortable with a casino being our landmark today. Maybe I think too much.

  4. i suddenly remembered this old skool coin donation box (a girl with bear/dog?) for the Spastic Children's Association of Singapore ..
    are these still around?!

    1. Hi FC,

      Nice to see u back. Hope u r still "threading water" well in the oil and gas.

      I cannot recall about the donation box… any significance?

    2. hi Rolf,
      good to be back. stil threading precariously. situation has gotten only slightly better, only so very very slightly.
      there are rumors of projects coming up, so hopeful that turns out well.
      i am actively seeking other opportunities at the same time and trying to improve myself.

      no la, i saw the retro courtesy lion (singa?).. then just recalled that retro donation box too. no significance at all. haha

    3. Hi FC,

      Wish you all the best in your search.

      I am a believer that if we do good, the good will befall on us!

      I am sure you are a good person who do good things in life.

      Even retrenchments or losses in stocks may not be a bad things sometimes or they can be indication for us that we need a change and the change may be for the better!


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