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Singapore bank exposure on Sands
Las Vegas Sands share price plunged 32.7% to US$7.85 yesterday. Creditdefault spread at 1804bp. Filing for chapter 11 bankruptcy protection is nolonger a remote possibility.All three Singapore banks have significant exposure. Singapore banks arelead arrangers in the S$5.4b credit facility for Marina Bay Sands. Allthree banks- DBS, OCBC and UOB- have significant exposure to Las VegasSands. Singapore banks do not disclose precise exposure to individualcustomer due to banking secrecy and client confidentiality. The figuresstated below are based on banking magazine Basis Point. Share prices forall three Singapore banks will be affected by the sudden negative turn atLas Vegas Sands.Restructuring may not fully protect the banks. We understand that about 50%of the S$5.4b credit facility is already drawn down. If Las Vegas Sandsgoes into bankruptcy, there are two possible solutions:a) The consortium of banks will have to get another investor to buy/takeover the projectMost in
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