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The issue of perpetual securities and their classification (are they debt or equity) has resurfaced as the Hyflux enters the end game of its restructuring.

They got me thinking about another well-received perpetual security issue back a couple of years ago – Genting Singapore.

They have had starkly different outcomes with Genting Singapore redeeming its outstanding $2.3 billion perpetual securities in 2017.

Singapore’s credit market has had a rough couple of years (especially considering that interest rates have barely normalized). Hyflux is the latest in a line of casualties that has unfortunately spilt