The decline in commodity prices has badly impacted the resource and shipping sectors worldwide. There have been a significant number of defaults on bonds listed on the Singapore Exchange, which includes those of many foreign entities. The flip side of having a wall of corporate debt maturing in...

Securitisation, which involved shifting assets off balance sheets, inadvertently led to the creation of even greater risks that were packaged into toxic instruments that brought down a number of large financial institutions. In Singapore, however, the risks of the U.S. housing market collapse...