With the fall of Lehman Brothers, some of the Notes where Lehman Brothers is swap counterparty, reference entity/reference obligation etc (for e.g Lehman Minibonds, DBS High Notes, Morgan Stanley Pinnacle Notes and Merill Lynch Jubilee Notes), suffers wipe-out in value. Many Singaporean investors suffered big losses.
Found from Monetary of Singapore (MAS): "Singapore Corporate debt market review 2007".
PDF file
From the "pie chart",
Equity Linked Notes issuance (SGD denominated): 3.7B in 2007,
is 28% of SGD denominated structured debt.
That makes Structured Debt issuance (SGD denominated, 2007): about 13.21B.
Equity Linked Notes issuance (non-SGD denominated): 2.6B in 2007,
is 15% of non-SGD denominated structured debt.
That makes Structured Debt issuance (non-SGD denominated, 2007): about 17.33B
Other structured debts besides ELNs are:
CDO, credit linked notes, currency linked notes, callable notes, asset securitised notes, convertibles etc..
We can get examples of prospectus/pricing statement of structured product from Monetary of Singapore (MAS)’s Opera under "debentures".
We can learn a lot about Linked Notes from these prospectus and pricing statements.
RePEc in October 2024
1 week ago
