Dear SGX, why is it so hard for people to get bond offering circulars ?

Some readers mentioned that each new bond issue puts them under duress, with only hours to spare before they decide and the books close.

Making a long term decision should not be so painful, should it ?

I can imagine the folks who had bought the HanKore yesterday. How many of them would have read the offering circular or prospectus to know that the company has defaulted before ? It was certainly not highlighted in the termsheet.

Perhaps it is unfair to expect SGX to provide information on offshore issuers who are not listed here but surely it cannot be too hard for the Singapore listed companies ?

Information memorandums are widely distributed to institutional investors before bond offerings, usually with certain figures blanked out and so the term “red herrings”. This prospectus which is usually multi pages long contains invaluable information for the investor and every investor should be at least cognizant of certain facts that are not mentioned in the bare half page termsheets that we receive from our bankers.

I suppose we cannot expect Temasek standards of SMEs here. Temasek took the trouble to make their MTN Offering Circular public on their website.

I did manage to find a few IMs on the SGX Prospectus page. One for a company called Heeton Holdings, dated 18 Jul for some new perpetual bonds which I bet your bankers will be calling you for in the future. But oddly, HanKore was not there.

Just a grumble for a Friday evening.