The Investing Iguana: 🎙️Iggy Answers (Podcast)

Your Home Loan Rate Has Two Parts. Only One Moved After the Fed Hike

The Investing Iguana — Sat, 03 Oct 2026 03:45:26 GMT

The Fed raised rates in Washington, so why did a Singapore bank quote go up? This episode splits a home loan quote into the part the market sets, which looks ahead, and the part the bank sets, using SORA and swap rate figures from the end of September.

The Fed raised rates in Washington, so why did a Singapore bank quote go up?

Description: My neighbour in Tampines got a letter from her bank about her home loan, and she thinks the bank is using the Fed as an excuse. I answer with numbers, not feelings. A home loan quote has two parts, the part the market sets and the part the bank sets, and after the Fed hike only one of them moved, at least on floating loans. We split it all using SORA and swap rate figures from the end of September.

Key takeaways:

Floating loans price as SORA plus the bank’s mark-up, fixed loans price off swap rates
SORA averaged about 1.2% at end-September, up from 1% in the second quarter
Three-month swap rate sat at 1.59% versus 1.23% for three-month compounded SORA
HDB concessionary loan stays pegged at 2.6% through 31 December 2026
A 0.2 percentage point rise costs roughly $83 a month on a $500,000 loan

Iggy’s Forensic Disclaimer

This content is produced for educational and informational purposes only. I am not a financial advisor — I am a retail investor who applies forensic analysis to my own portfolio and shares that process publicly. Nothing here constitutes a recommendation to buy, sell, or hold any security, and no specific target prices or personalised financial advice are offered. Stocks assessed under Iggy’s Forensic Yield Standard are benchmarked against a 4.7% minimum yield hurdle; stocks flagged as Growth Watch fall below this threshold but demonstrate clean balance sheet metrics and an identifiable growth catalyst — these carry a materially different risk profile and are not suitable as yield replacements for income-dependent investors. All data is sourced from public filings and verified sources; where data is unverified it is explicitly flagged. All investments carry risk, including the potential loss of principal, and past performance is not indicative of future results. If you are making investment decisions involving CPF, SRS, or personal capital, please conduct your own due diligence or consult a MAS-licensed financial adviser before committing funds.

Why Holding Gold Is Costing You More Than You Think

The Investing Iguana — Fri, 02 Oct 2026 05:09:02 GMT

US gold futures fell about 6.6% in September, yet China’s central bank added gold for a 22nd straight month. Here is why a retail investor and a central bank can look at the same metal and reach opposite conclusions.

Your mother’s gold bangles may feel like a safe haven, but gold pays no interest or dividend. I explain why the Fed’s rate increase, a 4.8% two-year Treasury yield, and the stronger opportunity cost of holding gold outweighed inflation fears in September. I also examine why China’s central bank continued buying, and why its reserve strategy should not automatically shape a Singapore retiree’s decision.

Key takeaways:

US gold futures fell about 6.6% in September.
The Fed raised rates to a 3.75% to 4% range.
Two-year Treasury yields reached about 4.8%.
Singapore’s August core inflation was 2.2%.
China added about 20 tonnes of gold in August.

Iggy’s Forensic Disclaimer

T-Bills Yield 1.92%. Core Prices Rise 2.2%. The Rule of 72 Shows the Gap.

The Investing Iguana — Thu, 01 Oct 2026 03:12:46 GMT

If rates stayed where they are, money at 1.92% doubles in about 37 years, while prices rising at 2.2% double in about 33. CPF’s 4% floor rate doubles money in 18, but that money is locked and capped, so it works as a yardstick, not a choice.

Core inflation hit 2.2% in August, while the latest six‑month T‑bill auction cleared at 1.92%. On paper that gap looks tiny, but over 20 or 30 years it quietly erodes what your CPF and SRS balances can actually buy. I walk through the Rule of 72, a ten‑thousand‑dollar example, and where CPF’s 4% floor really fits into the picture without turning it into a magic bullet.

Key takeaways:

At 1.92%, money doubles in about 37 years; at 2.2% prices, about 33 years
Ten thousand dollars at 1.92% for 20 years grows to about 14,600, but prices rise to about 15,500
Purchasing power ends up roughly 5% lower after 20 years at these rates
CPF’s 4% is a floor for SA, MA, RA, extended to end‑2027, with withdrawal limits and caps
OA’s 2.5% minimum only edges ahead of 2.2% inflation over long horizons

Iggy’s Forensic Disclaimer

Four New ETFs Land on SGX in October, Fees From 0.03%. What 'SGX-Listed' Doesn't Actually Mean.

The Investing Iguana — Mon, 28 Sep 2026 03:25:59 GMT

Buying in Singapore dollars on a local exchange feels like buying local. Every dollar in these four funds is actually invested overseas, and that currency exposure doesn’t disappear just because the ticker trades in SGD.

Four Xtrackers ETFs are expected to start trading on SGX from 13 October, with headline fees ranging from 0.03% to 0.20%. That sounds like a straightforward win for Singapore investors, but an SGX ticker does not turn overseas investments into local assets, and it does not remove foreign-currency exposure. I break down what these four funds actually track, why day-one liquidity matters, and why the cheapest-looking option may not be the simplest portfolio building block.

Key takeaways:

0.03% annual fee for the S&P 500 ETF.
0.15% fee for the equal-weighted S&P 500 ETF.
0.20% fee for the Nasdaq 100 ETF.
0.12% fee for the MSCI World ETF.

Iggy’s Forensic Disclaimer

DBS Gets Ten Times Cheaper From October. What Lower Lot Sizes Actually Do to Trading Volume

The Investing Iguana — Sat, 26 Sep 2026 03:53:13 GMT

I walk through SGX’s October lot-size change with Angela: DBS, OCBC, UOB and eight others drop from 100-share to 10-share minimum lots. That slashes the entry ticket from ~S$7,500 to ~S$750 for DBS at ~S$75, but these 11 counters already drive 35% of SGX volume. We unpack what the 2015 cut actually achieved, why odd-lot holders benefit, and why this is a market-structure tweak, not a buy signal.

Key takeaways:

11 counters (DBS, OCBC, UOB, SGX, Great Eastern, Haw Par, JYC, Jardine Matheson, Keppel, Prudential, Venture) shift to 10-share lots on 5 Oct
Minimum ticket for DBS falls ~10× in dollar terms at current prices
Existing odd-lot holders (e.g. 40 shares) convert to clean 10-share lots; 41 shares still leaves one odd share
2017 NUS study found higher liquidity post-2015 cut, especially in higher-priced stocks
SGX will review eligibility quarterly; next batch potentially in January

Iggy’s Forensic Disclaimer

Three Out of Four Singapore REITs Trade Below Book Value. Here's Why Almost Nobody Is Merging Them

The Investing Iguana — Thu, 24 Sep 2026 07:39:02 GMT

There are 39 listed REITs on SGX, yet three out of four trade below book value. You would think consolidation would fix that, but external managers earn fees on the size of the REIT they run, so a merger that fixes the discount also erases someone’s income. I walk through why the sector stays crowded, how higher Fed rates raise the cost of capital, and what would actually need to change for mergers to happen.

Key takeaways:

39 S-REITs worth US$76.7 billion, average trades at 0.77 times book
More than three quarters below book, only nine at or above it
Fed hiked to 3.75 to 4 percent, DBS cut target prices by 9.6 percent
Mergers only happen within the same sponsor, fees never leave the building
Sponsors could waive fees or tie them to distribution growth, nobody has yet

Iggy’s Forensic Disclaimer

The Fed, the ECB, and the Bank of Japan Are All Raising Rates. The UK, India, and China Are Not. Here's What That Means for Your CPF and SRS.

The Investing Iguana — Wed, 23 Sep 2026 02:40:40 GMT

Everyone expected rate cuts this year, instead the Fed, ECB, and Bank of Japan all hiked within a week of each other, while the UK, India, and China sat still. I dig into why the same inflation pressure pushed some central banks to tighten and left others completely unmoved. MAS doesn’t set a policy rate the way the Fed does, but SORA mortgages, T-bill auctions, and your fixed deposit renewal at the local bank all take their cue from this global tug of war anyway. Your CPF Special Account floor isn’t going anywhere, but what your spare cash is competing against just shifted.

Key takeaways:

BOJ hiked to 1.25%, the highest in thirty-one years, yet the yen weakened anyway
UK 30-year gilt yields sit near 5.7 to 5.9%, multi-decade highs, even with rates on hold
China held its lending rate for a sixteenth straight month on weak credit demand
India held in August, then inflation came in at 4.82%, above its 4% target
CPF Special Account keeps its government-guaranteed four percent floor regardless of this week’s moves

Iggy’s Forensic Disclaimer

Chip Controls, a Boeing Deal, and a Taiwan Arms Sale All Converge on One Meeting. Here's the Singapore Read.

The Investing Iguana — Tue, 22 Sep 2026 02:00:51 GMT

Xi Jinping touches down in Washington on September 24 for round two with Trump, and this time there’s a scorecard everyone’s checking. I walk through three threads converging on that meeting, chip export controls, the wobbly May Boeing order, and a Taiwan arms sale that nearly got the summit cancelled outright. None of this is about a photo opportunity in Washington, it’s about knowing exactly which SGX names sit closest to each thread before Thursday, not after.

Key takeaways:

Chip export controls remain the least resolved thread of the year, and AEM Holdings and UMS Holdings sit inside the equipment supply chain that feels any shift first.
The May Boeing order for two hundred jets has reportedly been shaky for months over engine part conditions, and whether it closes now hinges on this summit.
ST Engineering sits adjacent to the Boeing story through its aerospace MRO business, a slower and more indirect read than the chip names.
A pending Taiwan arms sale was floated as a reason to cancel the summit entirely, a risk to the whole room’s tone, not just one agenda item.
Nothing to do differently before Thursday, the point is knowing your exposure, not predicting which way it breaks.

Iggy’s Forensic Disclaimer

An ETF Can Cost 0.03%. A Unit Trust Can Cost You a 5% Sales Charge First.

The Investing Iguana — Mon, 21 Sep 2026 06:31:02 GMT

Singapore’s ETF market just crossed $20.5 billion, with CPF and SRS holdings up 380%. Yet most investors here are still being sold expensive unit trusts, not cheap ETFs. I break down why banks have zero incentive to change a model earning them 1.5-5% upfront sales charges plus ongoing trailer fees, and why that fee drag compounds into a meaningful chunk of your retirement outcome over 20-30 years. But cheap doesn’t always mean safer—South Korea’s retail investors learned this painfully with leveraged ETFs tied to chip stocks. The real question isn’t ETF versus unit trust. It’s whether your adviser is being paid to help you, or paid regardless.

Key takeaways:

ETFs can cost 0.03%, unit trusts carry 5% sales charges plus 20-60% trailer fees
CPF and SRS ETF holdings grew 380%, yet fee compression isn’t happening in Singapore
Banks earn upfront sales charges and recurring trailer fees, creating misaligned incentives
South Korea’s leveraged ETF losses show cheap expense ratios don’t equal low risk
The right question to ask your adviser: are you being paid to help me, or paid regardless?

Iggy’s Forensic Disclaimer

Singdollar Hits a 10-Month High Against the Ringgit. Here's Why US$100 Oil Isn't Touching It.

The Investing Iguana — Sat, 19 Sep 2026 07:10:37 GMT

Everyone expects a US$100 oil shock to hurt Asian currencies across the board, but the Singdollar just hit a ten month high against the ringgit while our neighbours took the hit instead. I dig into why Singapore’s balance of payments, FDI inflows and MAS’s own tightening in July are pulling in safe haven money rather than losing it. It’s not all good news though, if you’re holding an exporter earning revenue overseas, that same strength eats into what that money is worth once it comes home. I also flag what I’m personally watching next, the ringgit’s trajectory and Vietnam’s upcoming FTSE Russell reclassification.

Key takeaways:

Singdollar hit a 10-month high against the ringgit as Brent crude traded near US$103 to US$105 a barrel
MAS tightens by letting SGD trade stronger in its policy band, it does not hike rates like the Fed
Malaysia is cushioned as an oil exporter, while Philippines, Thailand and Indonesia absorb the import bill pain
A stronger Singdollar helps REITs with foreign currency debt but hurts exporters earning overseas revenue
Vietnam’s dong is holding up on FTSE Russell emerging market reclassification flows, separate from the oil story

Iggy’s Forensic Disclaimer

The Toughest Yardstick in Singapore Isn't a Stock. It's Your CPF Special Account

The Investing Iguana — Mon, 14 Sep 2026 04:36:46 GMT

Someone asked why my forensic yield floor sits at 3.2% and not some round number. The answer isn’t a formula—it’s CPF SA paying 4.0% guaranteed, the only SGD rate that actually makes dividend investors sweat. I walk through why T-bills and Savings Bonds don’t clear the bar, why most people can’t just top up SA forever, and what that means when a REIT dangles 3.8% and calls it decent.
Key takeaways:

CPF Special Account pays 4.0% p.a. through end-September 2026, government guaranteed
My 3.2% floor and 4.7% hurdle track from SA’s rate, not market convention
Six-month T-bills sit around 1.6% to 1.7%, Savings Bonds average 2.1% to 2.25%
CPF Retirement Sum Topping Up Scheme exists but hits a ceiling you can’t exceed
Market REIT fair value runs higher than my retirement suitability floor—different questions

Iggy’s Forensic Disclaimer

Six Warning Signs, One Bad Reaction: Why Panic-Selling Your SGX Portfolio Would Be the Wrong Lesson From This Week's Selloff Warning

The Investing Iguana — Sun, 06 Sep 2026 03:00:57 GMT

A top strategist just flagged six reasons a pullback could hit within months. I walk through which two actually matter for your SGX dividend stocks, why Singapore’s 10-year bond yield at roughly 2.43% changes the REIT math, and why selling now locks in the real loss, not the market. This is about letting your forensic checklist, not headlines, decide what stays in your CPF and SRS portfolio.

Key takeaways:

Chris Watling’s six signals cover technicals, cash levels, bond yields, credit spreads, volatility gaps, and stretched S&P 500 earnings expectations near 36%
Only bond yields and credit conditions directly touch SGX dividend holders, via the 10-year Singapore government bond benchmark around 2.43%
Panic-selling a stock that still clears the 4.7% yield hurdle, below 35% gearing, and above 4.0x interest coverage means missing dividends and recovery while fundamentals stay intact
AEM Holdings illustrates the point: guidance raised, yield near 4%, still short of the 4.7% hurdle, and Watling’s warnings don’t change that read either way

Iggy’s Forensic Disclaimer

No Track Record, a Higher Fee, Heavy REIT Exposure. Here's How I'd Actually Judge the Q50

The Investing Iguana — Fri, 04 Sep 2026 02:25:56 GMT

A new Singapore mid-cap ETF just launched with a 0.65% fee, heavy REIT exposure, and no Singapore track record. The Business Times article answering critics is structured like a company defending itself, not independent journalism. I walk through what the fee comparison leaves out, why “judge the process” is what every unproven manager says, and how to decide if 39% REITs balances or overloads your portfolio.

Key takeaways:

0.65% fee looks cheap versus active funds but doubles a passive STI tracker
Fullgoal has run quant strategies in China since 2009, Hong Kong since 2018, not Singapore stocks
Property and REITs make up 39% of the underlying index, a real concentration in a rising rate environment
The same return spread, plus 180% to minus 58%, argues for active skill and warns of extreme volatility
Watch whether actual picks match the stated process before committing retirement money

Iggy’s Forensic Disclaimer

DBS Just Raised Its STI Target by 350 Points. Here's the One Word That Actually Matters: Earnings-Driven.

The Investing Iguana — Wed, 02 Sep 2026 04:43:42 GMT

I break down DBS Group Research’s latest STI call and why the “earnings-driven” qualifier matters more than the 350-point upgrade. If multiples do the heavy lifting, your yield shrinks even as prices climb. If earnings grow, dividends have room to rise with the index. This episode shows income investors what to watch for the rest of 2026.

Key takeaways:

DBS lifted its STI year-end target to 5,850, up 350 points from 5,500
The STI is already trading near 16.7x forward earnings, about +2 standard deviations
Multiple expansion pushes prices up without lifting dividends, squeezing yield
Earnings-driven gains let payouts grow alongside prices, supporting yield
Watch FY2026/27 earnings revisions and dividend announcements, not just index levels

Iggy’s Forensic Disclaimer

Why a Record-Breaking Market Can Still Feel Like a Bad Year for Income Investors

The Investing Iguana — Mon, 31 Aug 2026 02:44:39 GMT

The STI just printed an all-time intraday high near 5,774 points, and I’m not popping champagne, because almost every name on my ledger is missing my income hurdle right now. This isn’t a business problem, it’s a math problem: share prices raced ahead of dividends, and the gap is exactly what I dig into on this episode. I walk through why the safest bond in Singapore now pays more than it used to, why that pushes my bar higher, and why a bank stock hitting a record price can still leave your CPF or SRS payout looking thin. If your portfolio feels flat despite the headlines, this explains exactly why.

Key takeaways:

STI hit an all-time intraday high of roughly 5,774 points on 11 August, about 550 points above the prior record.
The 10-year Singapore government bond now yields 2.36%, up from around 2 to 2.2% earlier this year, raising the bar for every dividend stock.
Iggy’s hurdle stays anchored to the CPF Special Account rate of 4%, not to market averages, so a stock has to beat the safest guaranteed deal in the country.
A well known bank hit a fresh share price high this month with profit growth reported for the year, but its yield sits well under the 4.7% hurdle after a special payout rolled off.
Rising prices without matching payout growth is a timing signal, not proof the business is failing.

Iggy’s Forensic Disclaimer

SIA Has 4 Options With Air India's $1.5 Billion Ask. None of Them Are Free

The Investing Iguana — Sat, 29 Aug 2026 05:01:08 GMT

Air India’s asking Tata and SIA for US$1.5 billion combined, but nobody’s confirmed a decision yet. I walk through the four real options SIA faces, why each one costs something different, and why the dividend, not the headline number, is what actually moves the needle for your CPF income. This one stays a watchlist trigger until the payout policy speaks.

Key takeaways:

SIA already booked $945.2 million in Air India losses this FY, the $1.5B ask is a fresh balance sheet decision
Four paths exist: fund fully, negotiate smaller, hold firm, or signal exit, each with different cash and dividend implications
Current yield misses the 4.7% hurdle by ~90 bps, but sits above the 3.2% forensic floor
Only a dividend cut to preserve cash would threaten the floor, not the funding headline itself
Zone 4, Caution with minus suffix reflects yield gap plus existing Air India loss flag

Iggy’s Forensic Disclaimer

US Inflation Warnings, Singapore Money. Is There Actually a Connection?

The Investing Iguana — Fri, 28 Aug 2026 07:14:34 GMT

A Chicago Fed president told Americans to be “on edge” over sticky inflation at Jackson Hole. I walk through why your CPF rate does not move with the Fed, but your SORA-linked home loan and electricity bill might. Three separate doors, not one hallway.

Key takeaways:

US PCE inflation ran 3.7% year-on-year in July, well above the Fed’s 2% target
SORA sits around 1.08 to 1.12%, could nudge higher if the Fed hikes later this year
MAS manages the exchange rate, not interest rates, so Singapore does not mechanically copy the Fed
Global oil prices hit your petrol and power bill regardless of what MAS or the Fed do
CTA: Full forensic breakdown on Substack. Early alerts on Telegram.

Iggy’s Forensic Disclaimer

SIA's Air India Problem Just Got A Number Attached To It. 1.5 Billion Dollars

The Investing Iguana — Wed, 26 Aug 2026 05:42:03 GMT

If you hold SIA for dividend income, today’s Reuters report is worth your attention even though nothing is confirmed yet. Air India is reportedly asking Tata Sons and Singapore Airlines for about US$1.5 billion in fresh equity, months after posting a record US$2.33 billion combined loss. In this episode, I walk through what is actually known, what is still just sourcing, and why a request is not the same as a board decision or a cash outflow from SIA.

Key takeaways:

Reuters cites two sources on a US$1.5 billion ask, SIA has not confirmed any commitment.
Air India and its budget arm logged US$2.33 billion losses for FY ended March, more than double the prior year.
SIA owns about 25% of Air India, so capital calls over time are plausible, but the exact SIA share is unknown.
SIA’s own Q1 saw a net loss driven by a sharp jump in fuel costs tied to Middle East conflict, even as revenue hit a record.
Watch for an official SIA announcement, the specific SIA amount if confirmed, and any mention in upcoming results commentary.

Iggy’s Forensic Disclaimer

PM Wong's Rally Speech Had Eight Big Announcements. Three Of Them Actually Move My Ledger

The Investing Iguana — Mon, 24 Aug 2026 03:57:30 GMT

I stayed up to read PM Wong’s National Day Rally announcements properly, then checked them against the names I actually track. The new southern island, autonomous vehicles and US tariff friction all sound important, but a government plan is not yet a contract, revenue line or balance sheet fact. I explain why Keppel and ST Engineering remain Zone 5, while ComfortDelGro stays Zone 4 with a new autonomous vehicle watch item. Iggy’s Forensic Zone: Zone 5, Red Zone.

Key takeaways:

Keppel’s 2.96% yield remains below my 4.7% hurdle and 3.2% floor.
ST Engineering’s dividend raise still leaves its trailing yield below 2%.
ComfortDelGro’s taxi and private hire profit fell 46%, from S$67.5 million to S$35.5 million.
ComfortDelGro’s gearing remains above my 35% ceiling, at 37.9%.
DBS, OCBC and UOB zone standings remain unchanged despite tariff concerns.

Iggy’s Forensic Disclaimer

Record STI, Record Buybacks. One Of These Numbers Should Make You Suspicious

The Investing Iguana — Sat, 22 Aug 2026 06:31:56 GMT

Singapore companies bought back S$1.9 billion of their own shares this year, almost double last year’s figure, while the Straits Times Index sits at record highs. That’s the tension I unpack with Angela: why rising prices should make buybacks less attractive, yet more companies are doing them. We dig into what the numbers actually say about cash flow health versus headline optics, and why Singtel’s outsized role in this story deserves a second look if you’re relying on dividend income.

Key takeaways:

Over 70 SGX companies repurchased S$1.9B in 7M2026, up from S$1.3B a year ago
Singtel alone accounts for nearly half of total buyback spend this year
Buybacks funded from operating cash flow differ fundamentally from debt-funded ones
A record STI doesn’t automatically mean underlying company health is improving
Dividend sustainability still hinges on your personal yield hurdle, not buyback headlines