Singapore Airlines (SIA) said that it raised approximately S$2bn ($1.5bn) through sale-and-leaseback deals for 11 of its planes. The transactions involved 7 Airbus A350-900s and 4 Boeing 787-10s across four different lease arrangers. The transaction helps SIA boost liquidity after the pandemic saw a plunge in travel. SIA has raised S$15.4bn ($11.6bn) since April 2020 including the latest sale-and-leaseback transactions – this includes S$8.8bn ($6.6bn) from its rights issue, S$2.1bn ($1.6bn) from secured financing, S$2.0bn ($1.5bn) via convertible debt, and more than S$500mn ($375mn) via committed lines of credit and a short-term unsecured loan. SIA said that it “continues to have access to more than S$2.1 billion in committed credit lines, along with the option to raise up to S$6.2 billion in additional mandatory convertible bonds before the Annual General Meeting in July 2021.”
SIA’s bonds were trading near flat – its USD 3% 2026s were at 101.8, yielding 2.62% and its SGD 3.03% 2024s were at 102.7, yielding 2.05%.
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