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Regulators Refusing to Act - Hyflux & Noble Group's Decline
- Thread starter JustLikeThis
- Start date
Thank you for your reply. I appreciate your kindness. Sorry I was too depressed.
This type of victim's story will never get published in the media or facebook. Don't die, the one who should die is them, not you. Please be alive and vote against their restructuring ,vote against PAP for their policy failures and send EY and Hyflux to jail.
Singapore more worried about comfortDelgro than Hyflux
https://www.ig.com/au/news-and-trad...ate-ride-hailing-operators-market--pro-190124
Singapore to ‘tidy up’ private ride-hailing operators market, proposes licensing rules. Transport giant ComfortDelGro has been posting weaker earnings as its taxi business continues to take a beating from private-hire players.
Last year, after months of heated competition, ride-hailing firm Uber exited the Singapore market by selling its Southeast Asia business to the region’s ride-hailing giant Grab.
https://www.ig.com/au/news-and-trad...ate-ride-hailing-operators-market--pro-190124
Singapore to ‘tidy up’ private ride-hailing operators market, proposes licensing rules. Transport giant ComfortDelGro has been posting weaker earnings as its taxi business continues to take a beating from private-hire players.
Last year, after months of heated competition, ride-hailing firm Uber exited the Singapore market by selling its Southeast Asia business to the region’s ride-hailing giant Grab.
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I want to give a laughing face, but too sad no such icon...
Actually the world is always like that,
Only you too innocent and think another way.
Don't need wait for Temasek. A lot of PAP supporters and retired civil servants affected.
PM Lee is Chairman of GIC, so if he responds to you, you hosayliao. Chinchinchyechye throw a stone at those in the photo below, u will hit an Hyflux investor.
This kind of supporters cannot afford Hyflux.
Only can afford Desker, Chang Beer or Tiger Beer.
SIAS's role is like NTUC silencing Labour Unions. So you forgot to curse them.
Weekend Thoughts:
Will NEA be willing to issue a 3%-bonds to exchange all of Hyflux's debts to take over the whole company?
In Aug 2018, PUB issued bonds 3.01% bonds due 2032:
Reference from UOB:
https://www.uobgroup.com/web-resources/uobgroup/pdf/research/MSN_180221.pdf
The Singapore Budget 2018 statement lists 3 specific projects that may be funded by Infrastructure Bonds are, i.e. the National Environment Agency (NEA) will look at borrowing to finance the upcoming Integrated Waste Management Facility, the Land Transport Authority (LTA) will also look at borrowing for upcoming projects such as the KL-Singapore High Speed Rail and the JBSingapore Rapid Transit System Link and Changi Airport Group (CAG) will look at borrowing for construction of Changi Airport Terminal 5 (T5). Bear in mind that the above three highlighted projects is by no means exhaustive. Furthermore, projects to be funded via bonds need not just be of “marquee” undertaking. Thus even upgrades to existing infrastructure may also be included and thereby ensuring a continuous supply of Infrastructure Bonds.
Government cannot just rely on SGS Bonds. pursuant to the Government Securities Act and Local Treasury Bills Act, SGS issuance proceeds are paid into a Government Securities Fund, and outward payments from this fund are generally limited to the paying of interest and repayment of principal associated with SGS issuance only. In other words, the existing laws and regulations do not allow the government to spend the proceeds nor returns from SGS issuance. As such, an alternative avenue of funding has been identified and the proposal to issue Infrastructure Bonds instead of issuing more Singapore Government Bonds will increase the variety of bonds in the local market as well as increasing the transparency and accountability of such infrastructure projects.
Investor confidence on quasi-sovereign bonds are high and there should not be any uncertainty surrounding the Singapore government’s guarantee since Singapore’s has AAA credit rating accorded by various international credit ratings agencies. Specifically, there are now less than 10 countries globally that have long term AAA credit rating across all three major rating agencies Moody’s, S&P and Fitch.
Will NEA be willing to issue a 3%-bonds to exchange all of Hyflux's debts to take over the whole company?
In Aug 2018, PUB issued bonds 3.01% bonds due 2032:
- While these bonds have a long-maturity date, they trade near 100-par because these are quasi-sovereign. Retail investors can offload them at fair prices when needed and Insurers / financial institutions need a lot of these investment-grade bonds in their portfolios
- NEA sets the rules for the utilities scene in Singapore; this is most transparent way of taking over Hyflux swiftly, without prejudice or need to argue over assets valuations with bankers and less-interpreted as a government bailout as existing creditors will still suffer some losses on the unpaid-interests and (new) lower-yields for the proposed NEA bonds.
- Local investors are badly wounded by the Offshore & Marine counters, Noble Group and Hyflux bonds in the past two years. To be a global bond-centre, Singapore needs a massive issue of investment-grade bonds to inject liquidity and attract global financial institutions.
Reference from UOB:
https://www.uobgroup.com/web-resources/uobgroup/pdf/research/MSN_180221.pdf
The Singapore Budget 2018 statement lists 3 specific projects that may be funded by Infrastructure Bonds are, i.e. the National Environment Agency (NEA) will look at borrowing to finance the upcoming Integrated Waste Management Facility, the Land Transport Authority (LTA) will also look at borrowing for upcoming projects such as the KL-Singapore High Speed Rail and the JBSingapore Rapid Transit System Link and Changi Airport Group (CAG) will look at borrowing for construction of Changi Airport Terminal 5 (T5). Bear in mind that the above three highlighted projects is by no means exhaustive. Furthermore, projects to be funded via bonds need not just be of “marquee” undertaking. Thus even upgrades to existing infrastructure may also be included and thereby ensuring a continuous supply of Infrastructure Bonds.
Government cannot just rely on SGS Bonds. pursuant to the Government Securities Act and Local Treasury Bills Act, SGS issuance proceeds are paid into a Government Securities Fund, and outward payments from this fund are generally limited to the paying of interest and repayment of principal associated with SGS issuance only. In other words, the existing laws and regulations do not allow the government to spend the proceeds nor returns from SGS issuance. As such, an alternative avenue of funding has been identified and the proposal to issue Infrastructure Bonds instead of issuing more Singapore Government Bonds will increase the variety of bonds in the local market as well as increasing the transparency and accountability of such infrastructure projects.
Investor confidence on quasi-sovereign bonds are high and there should not be any uncertainty surrounding the Singapore government’s guarantee since Singapore’s has AAA credit rating accorded by various international credit ratings agencies. Specifically, there are now less than 10 countries globally that have long term AAA credit rating across all three major rating agencies Moody’s, S&P and Fitch.
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It is not difficult to save Hyflux, everything (assets) is still there.
Just a propose way to help everyone and not pursue anyone for what happened in the past. A more graceful way to end.
Hope I am not dreaming.
Just a propose way to help everyone and not pursue anyone for what happened in the past. A more graceful way to end.
Hope I am not dreaming.
Thank you for your thoughts big brother.
I ever tried to reach PM Lee on twitter but in vain, didn't get a respond. If there is anyone who has a channel to get an acknowledgement directly from PM Lee, please help to send suggest this. Please help
I don't want to embarrass anyone, including regulators and Hyflux management. I don't want to pursue who is right or who is wrong. I just want my money back. Please
If there is really a bond switch by NEA, the amount of money saved from coupons written-off in the past year, can also help to pay of the debt restructuring people, legal fees, accrued rentals, etc.
I am sufficiently worried that there is no time once creditors start court filings after CNY due to Hyflux's bullying tactics during the last week's townhall.
Quotes from https://sg.finance.yahoo.com/news/hyflux-liquidation-remain-business-022018101.html
I think that many security holders are still unconvinced that management has exhaustively explored other restructuring methods. In view of what was laid out, the personal appeal made by Chairman Olivia Lum to accept the restructuring plan underpins the ultimate fate of Hyflux. However, with so many questions being unanswered, security holders may want Hyflux to come up with a more convincing plan.
I think that many security holders are still unconvinced that management has exhaustively explored other restructuring methods. In view of what was laid out, the personal appeal made by Chairman Olivia Lum to accept the restructuring plan underpins the ultimate fate of Hyflux. However, with so many questions being unanswered, security holders may want Hyflux to come up with a more convincing plan.
Extracts from ASTREA Investors' Day this morning - a Temasek unit specialising in investments in private equity
(retail bonds listed on SGX)
An investor asked a great question on how the NAVs were calculated given the illiquid nature of the underlying asset class. He cited the example of Hyflux where the stated book value and market values diverged greatly.
hahaha, unlike the herd, this investor was enlightened, he understood that Hyflux's book-values were cooked.
http://theasiareport.com/astrea-investor-day-2019-write-up-thoughts
(retail bonds listed on SGX)
An investor asked a great question on how the NAVs were calculated given the illiquid nature of the underlying asset class. He cited the example of Hyflux where the stated book value and market values diverged greatly.
hahaha, unlike the herd, this investor was enlightened, he understood that Hyflux's book-values were cooked.
http://theasiareport.com/astrea-investor-day-2019-write-up-thoughts
Saw this extract from an article in the business times. Seems like CPF board screwed up and allowed CPF money to be invested in hyflux perpetual preference shares when they were more akin to bonds. Some idiot saw the word "shares" in the instrument and exempted it from Ratings requirement even though it had all the characteristics of a bond:
https://www.businesstimes.com.sg/brunch/insolvency-limbo-the-sgd-bond-market
And it's no longer just accredited investors who are facing losses, but more than 20,000 non-accredited mom-and-pop investors as well. Hyflux is seeking to restructure S$900 million in face value of perpetual securities and perpetual preference shares and will soon make contact with retail investors. The pain here could cut deep as investors were allowed to use their Central Provident Fund (CPF) savings to ballot for Hyflux's S$400 million preference share offering in 2011.
Although many investors viewed perpetual preference shares as bond-like instruments no different from perps, the CPF board considers preference shares as shares rather than bonds, so the requirement that CPF-qualified bonds must be rated at least A2 by Moody's or A by S&P or Fitch did not apply.
On the other hand, Hyflux's unrated perps issued later in 2016 did not qualify as CPF-investable.
...
https://sbr.com.sg/source/zuu-online/singapore-bond-market-headed-downturn-year
But Singapore’s bond market is unique in the respect that large numbers of individual investors are bondholders. In western markets, it is usually institutional investors who take up bond issues. A Reuters report reveals that some high-yielding Singapore dollar bonds are held by more than 100 individual investors. There are no institutional investors involved at all.
Why should this matter? In fact, this point becomes crucial in the event of a default. Individual investors have relatively limited resources and find it difficult to coordinate their efforts to pressurise defaulting bond issuers...
MAS deputy managing director Jacqueline Loh has said that the regulator has “… received feedback calling for a review of the regulations and market practices around the Singapore bond market. Some ideas include… recourse for investors when a bond defaults…. We are considering these feedbacks and will respond soon”.
- this sbr article seems to have been written in 2017,not sure. So what changes has MAS come up with since then after receiving feedback? Instead of protecting bond holders, they protect the companies with a new insolvency regime:
http://www.mondaq.com/x/712376/Inso...w+Insolvency+Restructuring+Regime+One+Year+On
Notable companies that have benefitted from the new restructuring regime include Nam Cheong Limited, EMAS Offshore Limited, Hoe Leong Corporat ion Ltd, PT Bakrieland Development Tbk and China Sports International. Most recently, Hyflux Ltd and Pacific Radiance have also filed for court protection under this new restructuring regime to reorganise their debts and business. Going forward, we can expect to see even more Singapore and foreign companies utilising these rehabilitation tools.
WHAT THE FUCK IS RAVI MENON and the MAS doing??? The Pundek is trying to destroy all confidence in the bond market and sacrifice the bond holders? This is tantamount to a bailout of the restructured companies using the people's money instead of a government bailout.
The government has truly become so arrogant as to ignore the political consequences of choosing business interests over the people's interest.
https://www.businesstimes.com.sg/brunch/insolvency-limbo-the-sgd-bond-market
And it's no longer just accredited investors who are facing losses, but more than 20,000 non-accredited mom-and-pop investors as well. Hyflux is seeking to restructure S$900 million in face value of perpetual securities and perpetual preference shares and will soon make contact with retail investors. The pain here could cut deep as investors were allowed to use their Central Provident Fund (CPF) savings to ballot for Hyflux's S$400 million preference share offering in 2011.
Although many investors viewed perpetual preference shares as bond-like instruments no different from perps, the CPF board considers preference shares as shares rather than bonds, so the requirement that CPF-qualified bonds must be rated at least A2 by Moody's or A by S&P or Fitch did not apply.
On the other hand, Hyflux's unrated perps issued later in 2016 did not qualify as CPF-investable.
...
https://sbr.com.sg/source/zuu-online/singapore-bond-market-headed-downturn-year
But Singapore’s bond market is unique in the respect that large numbers of individual investors are bondholders. In western markets, it is usually institutional investors who take up bond issues. A Reuters report reveals that some high-yielding Singapore dollar bonds are held by more than 100 individual investors. There are no institutional investors involved at all.
Why should this matter? In fact, this point becomes crucial in the event of a default. Individual investors have relatively limited resources and find it difficult to coordinate their efforts to pressurise defaulting bond issuers...
MAS deputy managing director Jacqueline Loh has said that the regulator has “… received feedback calling for a review of the regulations and market practices around the Singapore bond market. Some ideas include… recourse for investors when a bond defaults…. We are considering these feedbacks and will respond soon”.
- this sbr article seems to have been written in 2017,not sure. So what changes has MAS come up with since then after receiving feedback? Instead of protecting bond holders, they protect the companies with a new insolvency regime:
http://www.mondaq.com/x/712376/Inso...w+Insolvency+Restructuring+Regime+One+Year+On
Notable companies that have benefitted from the new restructuring regime include Nam Cheong Limited, EMAS Offshore Limited, Hoe Leong Corporat ion Ltd, PT Bakrieland Development Tbk and China Sports International. Most recently, Hyflux Ltd and Pacific Radiance have also filed for court protection under this new restructuring regime to reorganise their debts and business. Going forward, we can expect to see even more Singapore and foreign companies utilising these rehabilitation tools.
WHAT THE FUCK IS RAVI MENON and the MAS doing??? The Pundek is trying to destroy all confidence in the bond market and sacrifice the bond holders? This is tantamount to a bailout of the restructured companies using the people's money instead of a government bailout.
The government has truly become so arrogant as to ignore the political consequences of choosing business interests over the people's interest.
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It is not the govt job to rescue failed companies or bail out people who do not do their homework while investing in high risk/high return companies.
The writing was on the wall for Hyflux at least a decade ago when it keeps on having to revalue its properties to show "profits" and keep on showing operating losses (my dates are not accurate as I do not desire to put effort into researching a lost cause.)
But I do agree Hyflux should never have been permitted to issue its second round of perpetual bonds and allow CPF monies to be used for this company shares and bonds. By allowing CPF to be used and allowing the second batch of bonds, the authorities are sending the wrong signal to the market.
It is a well known fact that this is a pro-business govt but then the man in the streets keeps re-electing them-so if you want to send a message- vote them out.
Even people die due to public hospitals negligence, nobody got sacked or even named-you lose monies so what-that is how complacent and arrogant the PAP has become.
Will LHL call Parliament to look into millions lost by investors?-but he called Parliament to clear his own name in the Oxley 38 scandal-see?.
The writing was on the wall for Hyflux at least a decade ago when it keeps on having to revalue its properties to show "profits" and keep on showing operating losses (my dates are not accurate as I do not desire to put effort into researching a lost cause.)
But I do agree Hyflux should never have been permitted to issue its second round of perpetual bonds and allow CPF monies to be used for this company shares and bonds. By allowing CPF to be used and allowing the second batch of bonds, the authorities are sending the wrong signal to the market.
It is a well known fact that this is a pro-business govt but then the man in the streets keeps re-electing them-so if you want to send a message- vote them out.
Even people die due to public hospitals negligence, nobody got sacked or even named-you lose monies so what-that is how complacent and arrogant the PAP has become.
Will LHL call Parliament to look into millions lost by investors?-but he called Parliament to clear his own name in the Oxley 38 scandal-see?.
avoid any investment in stocks and shares in sg and one will be ok. i'm losing breath and saliva mentioning this for over 6.9k times in 6.9 years.
Police CAD never catch thieves. Hyflux and Noble are scams, accounts were faked.
You know what, even MHA Police Coop got cheated. They invested in Hyflux 6%
Jail Hyflux's management!
YOU SUM IT UP - Authorities are sleeping on the job.
https://www.channelnewsasia.com/new...tructuring-plan-as-investors-worries-11172576
CURSE THE PAP THIS CNY UNTIL THEIR FAMILIES SUFFER LIKE US.
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