Malaysia’s 1MDB Defaults on Bonds
Malaysian government investment fund 1Malaysia Development Bhd. defaulted on a series of bonds on Tuesday, raising concerns that the government may eventually have to spend billions to bail out the fund.
“ 1Malaysia Development Bhd. confirmed that it is in default on a $1.75 billion bond it issued in 2012, after missing a $50 million interest payment due last week amid a dispute with the bond’s guarantor ”
~ The Wall Street Journal
1Malaysia Development Bhd. confirmed that it is in default on a $1.75 billion bond it issued in 2012, after missing a $50 million interest payment due last week amid a dispute with the bond’s guarantor. That default in turn triggered defaults on its two Islamic bonds, totalling 7.4 billion ringgit (US$1.9 billion), 1MDB said in a written statement.
1MDB leads market-driven initiatives to assist the Government in propelling Malaysia towards becoming a developed nation that is highly competitive, sustainable and inclusive.
As a strategic enabler, 1MDB continues to explore areas that can catalyse new sources of growth and lay the groundwork for a brighter future.
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