RAM Ratings expects corporate bond market to pick up in 2014

The downward revision was mainly due to the changing expectations on global crude oil prices, which were increasingly pointing to a lower average range of US$60 to US$65 per barrel for the year

It said on Tuesday this anticipation might spur issuers to lock in their bond programmes, especially in the first half of 2014.

"Projects under the Economic Transformation Programme, private financing initiatives for large-scale projects, and further capital-augmentation plans by financial institutions are expected to sustain growth in 2014.