Just as I have written recently on Hyflux Preference, they decided to play punk. Thanks to Swiber ! We have a lesson learned. Will the macro stock market get worst. I think it can, considering poor Singapore economic performance. But fixed returns are kind of "Protected under Lehman definition haha " provided the firm continues to be alive.Before you read, I like to warn again. For those who see the world in "Black" and "White", please ignore me ... err I mean my article as is a lot of Estimation, Guess work and Intuition.  This mean you need to grow up to own your decision. I have to own mine often. :) Below Par Hyflux 6% PerCapSec price dropped to 0.946 (Below Par). Below Par happens to Oxley and Aspial bonds too. Thus, likely market sentiment. And this happens when retailers did not do their home work. This also tell ......