Martin Lee @ Sg

HSBC Trust Terminates Swaps of Underlying

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.

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