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Singapore's next bond default looms in Pacific Andes tussle

Published Tue, Jan 12, 2016 · 09:50 PM
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Singapore

SINGAPORE'S bond market may see its second default in as many months after creditors said that Pacific Andes Resources Development Ltd hasn't honoured some obligations on S$200 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 on 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.

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