This has been a boom year for equity capital markets with a huge increase in the amounts raised by Singapore-based companies.
Firms here have accrued US$4.8 billion (S$6.9 billion) so far this year, a 72.7 per cent increase from what was raised in all of last year.
Proceeds in 2015 amounted to US$2.8 billion.
But activity slowed in the fourth quarter, with just US$465 million raised from October to Dec 13, according to Thomson Reuters after US$2.5 billion was collected in the second quarter and US$1.5 billion in the third.
Initial public offerings (IPO) accounted for 56.6 per cent of activity in terms of proceeds. Total IPO issuance from local companies - in domestic and overseas stock exchanges - raised US$2.7 billion, making it the strongest year for IPO proceeds since 2013 and after a quieter 2015. About US$5 billion in IPO proceeds was raised in 2013.
The notable IPOs this year included Singapore-based BOC Aviation, which tapped the Hong Kong Stock Exchange to raise US$1.1 billion in June.
Later that month, Frasers Logistics and Industrial Trust debuted on the Singapore Exchange and raised US$951.3 million, the biggest IPO listed here since 2013.
Manulife US Reit was the second-largest IPO on the Singapore bourse, accruing US$493.2 million. This was the Reit's second listing attempt, after last year's plans were put off due to volatile market conditions.
NOTABLE IPOS THIS YEAR
Frasers Logistics and Industrial Trust (above) debuted on the Singapore Exchange in June, the biggest IPO listed in Singapore since 2013.
Manulife US Reit was the second-largest IPO on the Singapore bourse. This was the Reit's second listing attempt, after 2015's plans were put off due to volatile market conditions.
Singapore-based BOC Aviation tapped the Hong Kong Stock Exchange to raise US$1.1 billion in June.
The debt capital markets gave a more mixed picture.
Primary bond offerings from Singapore-domiciled firms in the local and offshore markets reached US$24.7 billion as at Dec 14, a 19.6 per cent increase from 2015, said Thomson Reuters.
But the Singdollar bond market has run out of steam.
Singapore-dollar denominated bonds generated $1.9 billion in proceeds in this quarter, a 40.3 per cent decline from the preceding three months and down 60.5 per cent from last year.
This brings Singdollar bond market proceeds to $17.5 billion so far this year, an 18.5 per cent decline in proceeds from last year, and the lowest since 2009 when $11.6 billion was raised.
The Housing Board (HDB) has been the most active bond issuer in the Singdollar bond market this year. It issued a seven-year bond to raise $1 billion in January - the largest issuance this year.
HDB repeatedly returned to the local market and generated a cumulative total of least $5.3 billion from seven bond offerings this year compared with only one in 2015.
The largest corporate bond offering came from United Overseas Bank, which issued a $750 million perpetual bond in May.
Overall, the financial sector has accounted for 40.6 per cent of the Singdollar bond market so far this year, raising $7.1 billion. Government and agency issuers have accounted for 31.6 per cent of all issuances, while real estate has taken a 11.8 per cent market share.