Singapore Wealthy Stung as Crude Rout Sinks Bonds: Asean Credit
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Singapore’s wealthiest residents may be regretting bank rolling the island’s oil industry.
Bonds from oilfield services providers are the worst performers among all local notes this year as the fuel slumped more than 30 percent since June. Two-year securities of Swiber Holdings Ltd., which helps build offshore platforms, are trading about 7 cents below the average price for Singapore debt sold since Dec. 31. Most of the debentures were taken by private banks on behalf of their affluent clients.