Advanced Theory & Practice of Bonds

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1-2 December 2021

Two-day immersive course on bonds designed for private bankers and advisors. 90% funding* available to eligible company-sponsored candidates.

Singapore national carrier Singapore Airlines (SIA) reported improving numbers for H2 ended September with revenues rising 73% YoY to S$2.83bn ($2.09bn), and operating and net loss narrowing 66.8% and 75.9% to S$619.4mn ($457mn) and S$836.8mn ($617.5mn) respectively. The strong numbers were on the back of a rebound in international travel with SIA attributing the jump in revenues to both passenger and cargo flow revenue, up 386% and 51.2% to S$598mn ($441mn) and S$1.9bn ($1.4bn) respectively. The airline said that its passenger traffic and capacity both grew 5x YoY with passenger capacity now at 32% of pre-Covid levels as global vaccination rates improve and travel corridors including Singapore’s Vaccinated Travel Lane (VTL) come into effect. SIA also reported an improvement in its balance sheet with debt-to-equity falling to 0.69x from 0.90x in March as the carrier raised S$6.2bn via Mandatory Convertible Bonds in June. This led to a S$4.7bn increase in cash to $12.5bn. Total debt rose by S$0.7bn to S$15.1bn due to an increase in lease liabilities as a result of sale-and-leaseback activities. SIA expects passenger capacity to improve to 43% of pre-Covid levels by December, serving 73 destinations including Singapore, over half of pre-Covid levels.

SIA’s SGD 3.5% 2030s are currently trading at 102.06 yielding 3.23%.

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