Listed firms are changing bond terms super fast

Consents requested to tweak terms almost doubled to 15.

Singapore-listed companies have recently taken to changing the terms of their bonds at an unprecedented pace.

Data from Bloomberg show consents requested to change the terms of their bonds rose to 15 from just 8 in 2015.

No matter. Investors are feeling burned and in no mood to acquiesce. In February, creditors agreed to change terms on almost all the bonds of Swiber Holdings Ltd., allowing the oil rig maker to avoid meeting an interest coverage requirement. The company went on to declare bankruptcy in July. Had creditors not consented, Swiber would have been in technical default and forced into an earlier restructuring that might have left them in a stronger position.

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