Hyflux, the once the poster boy (or girl) of Singaporean entrepreneurship has stunned the market by in May 2018 by applying to the court for bankruptcy protection in order to reorganize its debt. When the perpetual securities was announced in 2016 with an attractive interest rate of 6%pa, retail investors scrambled to subscribe to the bonds with its attractive yield. Lured by its status as a company that manages a strategic national resource and given endorsement by the government, investors piled into the perpetual bond thinking that it is a safe bet. Hyflux raised $500 million with an initial intention to raise $300 million. The default caught the retail investors by surprise, with some of them elderly folks who have invested their life savings into the bond, with little understanding the kind of risk they are taking on. With the securities suspended, this group of investors can no longer redeem their capital and …