In an article published in the Lianhe Zaobao on 9 April 2019 on whether there was any misconduct on the part of DBS Bank, which was the principal and underwriter of Hyflux’s securities, when it sold the said securities on its ATMs, Stefanie Yuen Thio said: “散 户须了解不同证券带来的风险，当大家看到’债券’这个字眼以及较 高的回报率时，也许没有深入调查，尤其债券发行商是一家知名上市 公司。(The real issue may be that the retail investor in Singapore needs more awareness of the different types of securities and what the risks and benefits are. When the investing public sees the word “bond” in the same sentence as a high percentage return, it may not investigate further, especially if the security is issued by an established listed company.)”

The story may be found here (LHZB Paywall)