Here's how Singapore banks will be affected by a 50bp increase in 3-year bond maturites

Guess which bank will benefit the most?

According to Nomura, assuming all three banks can raise their >three-year bond returns by 50bp, we estimate DBS could benefit the most – an estimated enhance of 2.5% in net earnings – while OCBC at +1.7% and UOB at +1.6% are fairly similar.