Update for SGX Traders :SGX says 'death spiral' bonds need shareholders' approvel

SINGAPORE (June 21): A company that wants to issue so-called "death spiral" convertible bonds have to obtain shareholders' approval if these bonds can be converted at a discount of more than 10% to its price or the new shares exceeds 20% of issued shares, Singapore Exchange says.

The regulator was responding to The Edge Singapore's queries on regulatory safeguards for shareholders of companies issuing these massively dilutive redeemable convertible bonds.

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Update for SGX Traders :SGX says 'death spiral' bonds need shareholders' approvel