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Oil price slump weighs on bonds from oilfield-services providers

Such providers are seen as most vulnerable to lower commodity prices

Singapore

BONDS from oilfield-services providers are the worst performers among all local notes this year, with the price of the fuel having slumped more than 30 per cent since June.

Two-year securities of Swiber Holdings Ltd, which builds offshore platforms, are trading at about seven US 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.

Singapore's rich have become the driving force in the island's bond market, snapping up 86 per cent of the 20 highest-yielding local notes issued this year, as the central bank warned about rising sales to individuals.

Swiber and Ezra Holdings Ltd are scheduled...

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