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 investor watchdog, Security Investors Association (SIAS) has questioned Singapore Airlines (SIA) if it has considered privatization in line with Singapore’s multi-modal public transport operator SMRT. The query comes after the airlines announced the issuance of mandatory convertible bonds (MCBs) to raise a further S$6.2bn ($4.7bn). The investor watchdog was concerned about the interest of the shareholders and wanted to know the airline’s plans to align the business interests with the shareholders’ interests. It wanted to know the factors that led the airlines to decide the issuance of the MCBs, especially after the first tranche was entirely subscribed to by the majority shareholder Temasek after receiving a lukewarm response, and the future borrowing plans. It also questioned SIA if it could achieve dual goals of raising debt and streamlining its assets based on a S$2bn ($1.5bn) debt sale by SIA from the sale and leaseback of aircraft.
 
SIA’s 3.16% 2023s and 3.13% 2026s were down marginally by 0.01 and 0.13 to trade at 10367 and 103.63 respectively. 
 
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