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Private bankers steer clear of Singapore bonds as default risks mount
Investors are turning to higher-quality issuers.
Private bankers say they are avoiding Singapore’s riskiest bonds as a slowing economy worsens corporate finances and shrinking issuance makes refinancing harder.
Non-bank corporate bond offerings fell 38 percent to S$1.63 billion ($1.2 billion) last quarter from the preceding three months, the slowest start to a year since 2013, data compiled by Bloomberg show.
Credit Suisse Private Banking Asia Pacific and CA Indosuez Wealth Management say investors are favoring higher-quality issuers, while UBS AG Wealth Management warns of the prospect of exchange-rate losses on local-currency bonds.
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