SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Jet manufacturer Bombardier reported earnings yesterday with 2020 revenues from business aircraft activities at $5.6bn, up 3% YoY and net losses of $568mn vs. a loss of $1.6bn in 2019. The company said that it delivered 114 business aircrafts last year with an order backlog of $10.7bn. In its outlook, they said they expect to turn free-cash-flow positive next year and generate more than $500mn by 2025. CEO Eric Martel said, “We know exactly where we are and (our model) is more and more predictable…Revenues will be more balanced thanks to the after-sales segment.” While they said it would take several years to get back to pre-pandemic levels, they plan to capitalize on growth of after-sales service to achieve its goal of $7.5bn in sales in 2025. Repair and Maintenance contribute 18% of their revenues and Bombardier wants this to reach ~27%. The company has cash and cash equivalents of ~$5.4bn and net debt of ~$4.7bn. Bombardier’s 6% 2022s are up 0.5 to 9.75, yielding 6.2%.

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