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-based real estate developer Frasers Property returned to profitability with net profits for H2 ended September at S$528.4mn ($390mn) vs. a loss of S$74.8mn ($55mn) for H2 2020. Revenues grew 50.2% to S$2.2bn ($1.6bn) on the back of maiden contributions from a Vietnam project and higher contributions from projects in Australia with higher levels of settlement. Full year attributable profits stood at S$833.1mn ($615mn), a solid ~4x of the profits in the previous year. The company attributed the jump to “strong contributions from industrial and logistics, including gains from valuation uplift and a one-time gain from reclassification of a portfolio of industrial and logistics properties.” On the balance sheet front, net gearing improved 31.3bp YoY to 73.7% as the company managed to trim net debt by 14.9% to S$13.5bn ($9.96bn). Its cash position also improved 13.8% to S$3.8bn ($2.8bn).

FCL’s SGD 4.98% Perp callable in 2024 traded a tad lower at 101.29 yielding 4.41%.

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