Six firms have defaulted since November 2015.
According to data compiled by Bloomberg, firms in Singapore except for banks must repay $38b (US$27b) of local bonds through the end of 2020.
"Default fears are resurfacing in Singapore ahead of a wall of maturing corporate debt, as a US bankruptcy filing of a firm from the city flags lingering pain despite economic recovery. Pressure to pay down obligations has been unrelenting," said Bloomberg in a report.
It noted that since November 2015, six firms have defaulted on $1.2b worth of notes.
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