Reuters, 7 Oct 2008, Saeed Azhar
SINGAPORE, Oct 7 (Reuters) - Singapore's central bank said on Tuesday investors holding credit-linked notes linked to Lehman Brothers had received no coupon payments toward the end of the grace period on Tuesday, which would trigger an event of default.
The trustee, HSBC Institutional Trust Services, told the Monetary Authority of Singapore that it will consider proposals from some investors to replace Lehman as a counterparty for all series of the so-called "minibonds" linked to the collapsed U.S. bank. The grace period ends on Tuesday night Singapore time.
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