I like the coupon rates, but have my reservations (below). So I should consider alternatives like tBill and bond mufu

— my reservations about Sgp corporate bonds
1) quantum .. too big.
2) spread + commission .. too high. At IPO, you incur the lowest transaction cost .. 25 bps commission.

— wholesale bond vs retail bond
By default, “corporate bond” in Singapore means a whole sale bond, with SGD 250k quantum. Only SgAIS can buy.

Retail bonds are rare, with quantum below $5k.

====high yield bonds
Some smaller issuers like Oxley pay higher coupons but are actually riskier.

— AT1 bonds [Additional Tier 1] … are only issued by banks. AT1 bonds offer attractive coupon rates, but don’t be fooled by the combo of yield and brand name.. (like a cheap branded item).  Unknown to many, AT1 comes with serious “trigger risk”. (You can read later.)

Q: AT1 is expensive for the issuer, so why do banks issue AT1?
A: Phillip bond specialist told me .. no choice … banks are required to issue some amount of AT1 almost every year.

I also know that some U.S. muni bonds can default. Those are governments!