https://www.bloomberg.com/news/articles/2017-11-26/singapore-getting-snubbed-as-china-rules-asia-dollar-bond-market
More bond issuers are bypassing Singapore as they go to Hong Kong to issue their bonds. This is not a good news for Singapore as our financial pie will keep shrinking, leaving investors with fewer investment varieties. Consequently, this will force fixed income investors to seek better yield returns outside of Singapore and cause a shortage of liquidity in our local financial market. With the low liquidity, the cost of financing will have to rise to attract these investors to invest locally. Therefore, it will become a vicious cycle in the end.
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https://www.bloomberg.com/news/articles/2017-11-28/singapore-is-losing-home-advantage-in-ipo-battle-with-hong-kong
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