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

Singapore’s DBS reported a 33% fall in Q4 earnings to S$1.01bn ($760mn) from S$1.5bn ($1.1bn) a year ago given lower net interest margins and higher allowances. For the full year 2020, the lender reported net profits of S$4.72bn ($3.56bn), down 26% stating that total allowances quadrupled to S$3.07bn ($2.31bn). Net interest income fell 6% while net interest margins were down 27bp to 1.62% mostly occurring in Q2 and Q3 as central banks cut rates at the end of the first quarter. The bank’s non-performing loan ratio weakened to 1.6% from 1.5% a year ago. DBS’ CET1 ratio stood at 13.9% and the board proposed a dividend of 18 cents per share. DBS CEO Piyush Gupta said, “Our record operating performance in one of the most challenging periods on record attests to the quality of our franchise and nimble execution. Business momentum was sustained in the fourth quarter and our pipeline for loans and fee income is healthy…Lakshmi Vilas Bank in India and the securities joint venture in China will enhance our presence in both key markets.” DBS’s USD 3.3% Perp was flat at 102.98, yielding 2.52%.

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