SINGAPORE (Sept 16): S&P Global Ratings said that several sectors in Singapore’s bond market are vulnerable to “rising financial strain” after a number of recent defaults.

Indonesia-based mobile phone distributor and retailer PT Trikomsel Oke Tbk defaulted in November 2015, followed by Hong Kong-based industrial fishing company Pacific Andes Resources Development in January. Most recently, Swiber Holdings, a Singapore-based offshore oil and gas services group, roiled the local bond market when it defaulted on its local-currency notes last month, becoming the third entity to renege on payments since November.

The oil services sector is the most vulnerable, while agriculture and commodities companies and some real estate companies may also face stresses ahead, the ratings firm said in a statement Friday.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook