With increasing mortgage interest rates, many Singapore homeowners locked with unfavourable interest rates or refinancing this year may be in for a rough ride.
A bond is a fixed-income, interest-yielding financial instrument that acts as a loan to institutions and governments so that they can utilise the liquidity to finance projects and operations. For most bond issuers, including the ones selling MBS in Singapore, these assets are usually a basket of different collaterals, hence the term "covered bonds". There are many such MBS for sale here, from Exchange Traded Funds, Real Estate Investment Trusts to Depository Receipts.
4. This "pass-through" system minimises the mortgage banks' exposure by transferring the interest rate volatility and risks to both borrowers and bondholders. In 2019 and during Covid, the demand for these bonds was so great, that short-term interest rates fell below zero . Including taxes and fees, a borrower would pay significantly less in interest payments over time.
Source: Loan Digest (loandigest.net)
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