Singapore - Bonds

Bonds 04 (Jul 15 - Dec 16)

Postby winston » Mon Jul 18, 2016 8:19 am

Singapore Bondholders Brace for Defaults as Easier Terms Sought

by Denise Wee

Ten Singapore-listed firms sought to loosen covenants in 2016
Bondholders can have ‘limited options,’ says Credit Suisse

Ausgroup Ltd. and Otto Marine Ltd. are among 10 Singapore-listed firms that have started a process to loosen bond vows this year, up from eight in 2015, according to Bloomberg-compiled data.


Oil-related firms face S$1.4 billion ($1 billion) of Singapore dollar bonds maturing through 2018, with S$325 million due by year end


Singapore’s bad loan measure rose to 2.25 percent in 2015, the highest since 2009


Source: Bloomberg

http://www.bloomberg.com/news/articles/ ... rms-sought
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Re: Singapore - Bonds

Postby winston » Tue Jul 26, 2016 7:44 am

Higher sector risk after Singapore bond defaults

By Susanna Tai

Asset managers believe that the country’s bond defaults are a concern, but stopped short of saying they would spread outside the energy-related sectors.

Source: International Adviser

http://www.international-adviser.com/ne ... uiEXC.dpuf
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Re: Singapore - Bonds

Postby winston » Tue Oct 04, 2016 7:52 am

Singapore Millionaire, 77, Joins Bondholders Uniting in Workouts

by David Yong

Investors seek better terms in Rickmers, Perisai restructuring
Singapore bad loans worst since 2009 on oil, shipping slump

Singapore’s high net-worth individuals rose 27 percent between 2009 and 2015 to 103,600, according to Capgemini SA, becoming major buyers of higher-yielding notes.


Rickmers Trust's 8.45 percent notes are trading at 35 cents on the dollar


Perisai's 6.875 percent notes were at 55 cents.


Investors holding 25 percent of Pacific Andes Resources Development Ltd.’s S$200 million in defaulted 2017 notes, trading at 15 cents, are getting legal advice amid restructuring.

Swiber Holdings Ltd. missed payments on S$460 million of bonds and the oil services provider said any liquidation outcome would return 2 cents on the dollar for unsecured creditors.


Source: Bloomberg

http://www.bloomberg.com/news/articles/ ... n-workouts
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Re: Singapore - Bonds

Postby winston » Tue Oct 04, 2016 8:48 am

Why bonds could be the next ticking time bomb for developers

By Goola Warden

SINGAPORE (Oct 3): Over $2 billion worth of bonds will be maturing in 4Q16, and another $9 billion in 2017.

Of that figure, local property developers and real estate investment trusts (REITs) account for 75% of the bonds maturing in 4Q16 and 40% of those maturing in 2017, according to a report by S&P Global Ratings on Sept 7.

The issue, however, is not with the REITs. Chan Kah Ling, the lead analyst of the S&P report, reckons that REIT debt is manageable.

“REITs, with their stable and recurring cash flows, lower leverage, and large proportion of unencumbered assets, have more financial flexibility than developers,” she notes in the report.

Indeed, she says that property developers face far greater risks, as several small- and mid-sized developers have taken on significant amounts of debt in recent years to fund their expansion.

“Cheap funds have translated into increased leverage, and impaired balance sheets. Leverage of domestic currency bond issuers within the sector has grown rapidly, with the median ratio of gross debt-to-Ebitda crossing 11 times for the past three years,” Chan writes.

In addition, interest coverage ratios have been declining in tandem with the rising leverage, according to Chan. “This exposes developers to potential increases in interest rates going forward,” she notes.

Interest coverage is defined as earnings before interest, tax, depreciation and amortisation (Ebitda) divided by interest expenses. The debt-to-Ebitda ratio is an indicator of the number of years it would take for a company to pay off its debt.

S&P does not name any specific developers in its report. However, there are at least 15 locally listed property developers with market capitalisations of less than $1 billion to $1.1 billion that have outstanding bonds, according to data from Bloomberg.

Of these, eight could have gross debt-to-Ebitda ratios of more than 11 times by this year-end. At least four are likely to have gross debt-to-Ebitda ratios of more than 20 times by the year-end.

Source: The Edge

http://smr.theedgemarkets.com/article/w ... 3-87358173
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Re: Singapore - Bonds

Postby behappyalways » Tue Jul 25, 2017 1:55 pm

Rich Singapore Investors Stuck as Bond Restructuring Drags
https://www.bloomberg.com/news/articles ... ring-drags
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Re: Singapore - Bonds

Postby behappyalways » Sat Mar 03, 2018 7:46 pm

Removal of S$50,000 Issue Limit for Singapore Savings Bonds
https://www.theonlinecitizen.com/2018/0 ... ngs-bonds/
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Re: Singapore - Bonds

Postby behappyalways » Thu Apr 05, 2018 4:17 pm

MAS increasing monthly issuance size of Singapore Savings Bonds to $200 mil
https://www.theedgesingapore.com/mas-in ... ds-200-mil
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Re: Singapore - Bonds

Postby behappyalways » Wed Dec 19, 2018 7:45 pm

Singapore Savings Bonds open to Supplementary Retirement Scheme funds from Feb 2019
https://www.theedgesingapore.com/singap ... s-feb-2019
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