A Hong Kong business unit of Guosen Securities, China's eighth largest investment bank, has defaulted on a Hong Kong-traded renminbi bond, CNBC reports. It is the first debt breach by a state-owned enterprise in almost 20 years. The Government of Shenzhen is Guosen's largest shareholder and the parent company is in good financial shape, but its Hong Kong business has struggled to gain a foothold in the HK capital markets according to the report. Moody's Investors Service revised to negative from stable the rating outlook on three Singapore banks: DBS Bank, Overseas-Chinese Banking Corp and United Overseas Bank. Moody's said its rating action reflected its  "expectation that a more challenging operating environment for banks in Singapore in 2016, and possibly beyond, will pressure the banks' asset quality and profitability." It said credit conditions for banks in Singapore would continue to weaken against the backdrop of slower economic and trade growth.