Contagion fears from Lippo probe spread to Singaporean bonds

(Nov 26): An investigation into troubled Indonesian property developer PT Lippo Karawaci, controlled by Southeast Asia’s billionaire Riady family, is reverberating in the Singapore bond market.

Singapore dollar-denominated notes issued by First Real Estate Investment Trust, and those sold by OUE Ltd, controlled by the family, have dropped as a liquidity crunch prompts concern the group is using other entities to help shore up finances. Bonds of Lippo Malls Indonesia Retail Trust, also sponsored by Lippo Karawaci, have come under pressure as well.

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