<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/20260112_1629_Image-Generation_simple_compose_01kerxpv30fpka81e2ampzc4m4.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1536" height="1024" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/20260112_1629_Image-Generation_simple_compose_01kerxpv30fpka81e2ampzc4m4.png"/></p>
<p>新加坡交易所正在探索推出与主要亚洲政府债务市场相关的新债券期货，因为全球投资者加深了对该地区的投资。</p>
<p>据彭博社报道，该交易所已与国际银行的财政官员进行了多次电话会议，讨论与印度及多个东南亚经济体的主权债券相关的期货。</p>
<p>这些谈判表明，正在进行更广泛的努力，以建立围绕日益与全球投资组合相关的市场的对冲工具。</p>
<p>尽管仍处于初步阶段，但这些讨论强调了亚洲固定收益市场正逐渐靠近全球交易活动的中心。</p>
<h2>区域关注度上升</h2>
<p>拟议的期货将与印度、印度尼西亚、马来西亚、菲律宾和泰国的政府债券相关联。</p>
<p>此类工具允许投资者通过交易所同意在未来某个日期买入或卖出债券，从而对冲利率风险，而不是在现金债券市场进行交易。</p>
<p>对该地区债务的兴趣稳步上升。</p>
<p>印度政府债券在过去一年半中已加入全球债券指数，提高了其在外国资产管理者中的可见度。</p>
<p>马来西亚政府证券在去年表现强劲，成为新兴亚洲投资者的热门选择。</p>
<p>这些趋势增加了对帮助管理本地利率波动风险的工具的需求。</p>
<h2>合同结构讨论中</h2>
<p>专家表示，该交易所已探索为每个国家提供三年、五年和十年到期的期货合约。</p>
<p>这些合约将以美元结算，这可能使其对已经活跃于全球衍生品市场的国际投资者更具可及性。</p>
<p>定价将基于每个国家不超过三种主权债券的平均收益率。</p>
<p>使用有限的债券篮子旨在使合约与流动性基准证券紧密对齐，同时支持一致的定价和可交易性。</p>
<p>通过使用期货而不是现金债券，投资者可以调整久期风险或对冲投资组合，而无需直接持有基础证券。</p>
<p>这种结构通常受到寻求灵活性或面临本币债券持有限制的全球基金的青睐。</p>
<h2>印度的扩展角色</h2>
<p>印度预计将在拟议的期货中发挥核心作用。</p>
<p>最有可能被纳入的债券将属于完全可接入渠道，这允许无限制的外国投资，并使证券有资格纳入全球指数。</p>
<p>自印度债券于 2024 年 6 月被纳入摩根大通的旗舰新兴市场债券指数以来，海外投资者已向该国的主权债务投资了约 210 亿美元，基于清算所的数据。</p>
<p>这些资金流入的规模突显了与印度收益率相关的高效对冲工具的需求。</p>
<p>与此类债券相关的期货合约还可以改善价格发现，并补充基础现金市场的活动，尤其是在外国参与持续扩大之际。</p>
<h2>时间表和市场影响</h2>
<p>新加坡交易所计划在 2026 年上半年推出亚洲债券期货，可能最早在第一季度。</p>
<p>讨论仍处于早期阶段，产品规格可能会随着咨询的继续而变化。</p>
<p>如果推出，这些合约将扩展 SGX 的固定收益衍生品产品，并在全球投资者日益将资本配置到该地区债务市场的时刻，增强新加坡作为管理亚洲利率风险的区域中心的角色。</p>
<p>该文章的标题为 “SGX 探索亚洲债券期货，全球投资者加大对区域债务的投入”，首次发布在 Invezz 上。</p>

新加坡交易所

<p>新加坡交易所（SGX）正在考虑推出与主要亚洲政府债务市场相关的新债券期货，以回应全球投资者对该地区日益增长的兴趣。与国际银行的财政官员的讨论集中在与印度、印度尼西亚、马来西亚、菲律宾和泰国的主权债券相关的期货上。拟议的合约计划于 2026 年初推出，将允许投资者对冲利率风险并增强交易灵活性。印度的角色至关重要，特别是在其被纳入全球债券指数之后，这吸引了大量外国投资进入其主权债务市场</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/20260112_1629_Image-Generation_simple_compose_01kerxpv30fpka81e2ampzc4m4.png" alt="" original-src="https://invezz.com/wp-content/uploads/2026/01/20260112_1629_Image-Generation_simple_compose_01kerxpv30fpka81e2ampzc4m4.png"/></p>
<p>Singapore Exchange is exploring the launch of new bond futures linked to major Asian government debt markets, as global investors deepen their exposure to the region.</p>
<div class="lb-trans"><p>新加坡交易所正在探索推出与主要亚洲政府债务市场相关的新债券期货，因为全球投资者加深了对该地区的投资。</p>
</div><p>The exchange has held multiple calls with treasury officials from international banks to discuss futures tied to sovereign bonds across India and several Southeast Asian economies, Bloomberg reported, citing sources.</p>
<div class="lb-trans"><p>据彭博社报道，该交易所已与国际银行的财政官员进行了多次电话会议，讨论与印度及多个东南亚经济体的主权债券相关的期货。</p>
</div><p>The talks point to a broader effort to build hedging tools around markets that are becoming more relevant to global portfolios.</p>
<div class="lb-trans"><p>这些谈判表明，正在进行更广泛的努力，以建立围绕日益与全球投资组合相关的市场的对冲工具。</p>
</div><p>While still preliminary, the discussions underline how Asian fixed income is moving closer to the centre of global trading activity.</p>
<div class="lb-trans"><p>尽管仍处于初步阶段，但这些讨论强调了亚洲固定收益市场正逐渐靠近全球交易活动的中心。</p>
</div><h2>Growing regional focus</h2>
<div class="lb-trans"><h2>区域关注度上升</h2>
</div><p>The proposed futures would be linked to government bonds from India, Indonesia, Malaysia, the Philippines, and Thailand.</p>
<div class="lb-trans"><p>拟议的期货将与印度、印度尼西亚、马来西亚、菲律宾和泰国的政府债券相关联。</p>
</div><p>Such instruments allow investors to hedge interest-rate risk by agreeing to buy or sell bonds at a future date through an exchange, rather than trading in the cash bond market.</p>
<div class="lb-trans"><p>此类工具允许投资者通过交易所同意在未来某个日期买入或卖出债券，从而对冲利率风险，而不是在现金债券市场进行交易。</p>
</div><p>Interest in the region’s debt has been rising steadily.</p>
<div class="lb-trans"><p>对该地区债务的兴趣稳步上升。</p>
</div><p>Indian government bonds have been joining global bond indexes over the past year and a half, increasing their visibility among foreign asset managers.</p>
<div class="lb-trans"><p>印度政府债券在过去一年半中已加入全球债券指数，提高了其在外国资产管理者中的可见度。</p>
</div><p>Malaysian government securities were also strong performers last year, standing out as investor favourites within emerging Asia.</p>
<div class="lb-trans"><p>马来西亚政府证券在去年表现强劲，成为新兴亚洲投资者的热门选择。</p>
</div><p>These trends have increased demand for tools that help manage exposure to local interest-rate movements.</p>
<div class="lb-trans"><p>这些趋势增加了对帮助管理本地利率波动风险的工具的需求。</p>
</div><h2>Contract structure under discussion</h2>
<div class="lb-trans"><h2>合同结构讨论中</h2>
</div><p>Experts said the exchange has explored offering futures with three, five, and 10-year maturities for each country, the report said.</p>
<div class="lb-trans"><p>专家表示，该交易所已探索为每个国家提供三年、五年和十年到期的期货合约。</p>
</div><p>The contracts would be settled in US dollars, which could make them more accessible to international investors already active in global derivatives markets.</p>
<div class="lb-trans"><p>这些合约将以美元结算，这可能使其对已经活跃于全球衍生品市场的国际投资者更具可及性。</p>
</div><p>Pricing would be based on the average yield of a basket of no more than three sovereign bonds per country.</p>
<div class="lb-trans"><p>定价将基于每个国家不超过三种主权债券的平均收益率。</p>
</div><p>Using a limited basket is designed to keep the contracts closely aligned with liquid benchmark securities, while supporting consistent pricing and tradability.</p>
<div class="lb-trans"><p>使用有限的债券篮子旨在使合约与流动性基准证券紧密对齐，同时支持一致的定价和可交易性。</p>
</div><p>By using futures rather than cash bonds, investors could adjust duration exposure or hedge portfolios without holding the underlying securities directly.</p>
<div class="lb-trans"><p>通过使用期货而不是现金债券，投资者可以调整久期风险或对冲投资组合，而无需直接持有基础证券。</p>
</div><p>This structure is often favoured by global funds that seek flexibility or face limits on local currency bond holdings.</p>
<div class="lb-trans"><p>这种结构通常受到寻求灵活性或面临本币债券持有限制的全球基金的青睐。</p>
</div><h2>India’s expanding role</h2>
<div class="lb-trans"><h2>印度的扩展角色</h2>
</div><p>India is expected to play a central role in the proposed futures.</p>
<div class="lb-trans"><p>印度预计将在拟议的期货中发挥核心作用。</p>
</div><p>The bonds most likely to be included would fall under the Fully Accessible Route, which allows unrestricted foreign investment and makes the securities eligible for global index inclusion.</p>
<div class="lb-trans"><p>最有可能被纳入的债券将属于完全可接入渠道，这允许无限制的外国投资，并使证券有资格纳入全球指数。</p>
</div><p>Since Indian bonds were added to JPMorgan Chase &amp; Co.’s flagship emerging market bond index in June 2024, overseas investors have invested about $21 billion into the country’s sovereign debt, based on clearing house data.</p>
<div class="lb-trans"><p>自印度债券于 2024 年 6 月被纳入摩根大通的旗舰新兴市场债券指数以来，海外投资者已向该国的主权债务投资了约 210 亿美元，基于清算所的数据。</p>
</div><p>The scale of these inflows has highlighted the need for efficient hedging tools linked to Indian yields.</p>
<div class="lb-trans"><p>这些资金流入的规模突显了与印度收益率相关的高效对冲工具的需求。</p>
</div><p>A futures contract tied to such bonds could also improve price discovery and complement activity in the underlying cash market, especially as foreign participation continues to broaden.</p>
<div class="lb-trans"><p>与此类债券相关的期货合约还可以改善价格发现，并补充基础现金市场的活动，尤其是在外国参与持续扩大之际。</p>
</div><h2>Timeline and market impact</h2>
<div class="lb-trans"><h2>时间表和市场影响</h2>
</div><p>Singapore Exchange is aiming to introduce the Asian bond futures in the first half of 2026, potentially as early as the first quarter.</p>
<div class="lb-trans"><p>新加坡交易所计划在 2026 年上半年推出亚洲债券期货，可能最早在第一季度。</p>
</div><p>The discussions remain at an early stage, and product specifications could change as consultations continue.</p>
<div class="lb-trans"><p>讨论仍处于早期阶段，产品规格可能会随着咨询的继续而变化。</p>
</div><p>If launched, the contracts would expand SGX’s fixed income derivatives offering and strengthen Singapore’s role as a regional hub for managing Asian interest-rate risk, at a time when global investors are increasingly allocating capital to the region’s debt markets.</p>
<div class="lb-trans"><p>如果推出，这些合约将扩展 SGX 的固定收益衍生品产品，并在全球投资者日益将资本配置到该地区债务市场的时刻，增强新加坡作为管理亚洲利率风险的区域中心的角色。</p>
</div><p>The post SGX explores Asian bond futures as global investors ramp up regional debt appeared first on Invezz</p>
<div class="lb-trans"><p>该文章的标题为 “SGX 探索亚洲债券期货，全球投资者加大对区域债务的投入”，首次发布在 Invezz 上。</p>
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新加坡交易所正在探索亚洲债券期货，因为全球投资者正在增加对该地区债务的投资