Singapore's Next Bond Default Looms Amid Pacific Andes Skirmish
- Bond trustee HSBC alleges 2017 notes have breached terms
- Notes' next coupon payment scheduled for end of month
This article is for subscribers only.
Singapore’s bond market may see its second default in as many months after creditors said Pacific Andes Resources Development Ltd. hasn’t honored some obligations on S$200 million ($139 million) of notes.
The Hong Kong-based firm said it received a letter from bond trustee HSBC Holdings Plc alleging breaches on the 2017 securities, in a Singapore exchange filing Jan. 10. Investors can request full immediate repayment if the company’s shares are suspended, according to the bond’s terms. Pacific Andes has halted trading in Singapore since Nov. 25.