HONG KONG/SINGAPORE (June 29): Singapore’s wealthy investors are discovering they lack clout in negotiations when high-yield bond investments blow up.
PT Trikomsel Oke became the first company to default on Singapore dollar debt since 2009 when it failed to repay a bond coupon in November last year, followed shortly afterwards by Pacific Andes Resources Development Ltd. The market faces more tests with Swiber Holdings Ltd.’s July 6 maturity among $1.5 billion of notes coming due this year.
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