HSBC Institutional Trust has informed MAS that they have taken certain steps in the interest of Lehman Minibond noteholders.
They have terminated the swaps of the underlying securities for series 1-8. This will help to preserve the value of the underlying securities.
Also, they have appointed three partners from PricewaterhouseCoopers Singapore (PwC) to act as receivers for series 5 to 8. Their role is to take control of the assets of these notes and to work closely with the trustee towards a solution which is in the best interests of noteholders.
Separately, MAS has appointed Deloitte & Touche Corporate Finance Pte Ltd (DTCF) as an independent financial adviser to provide advice to investors on any potential restructuring of the minibond.