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2022-01-13

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Singapore Air Gets Cash on Cheap Thanks to Temasek Stake

Singapore Airlines Ltd.became the first carrier to tap the debt market for dollars in 2022, raising

Singapore Air Gets Cash on Cheap Thanks to Temasek Stake

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That’s nearly a percentage point lower than the average yield at issuance for global airline notes sold in 2021, according to Bloomberg-compiled data.</p><p>Hard-hit like many of its peers due to the pandemic, the airline has sought to cover expenses by raising S$22.4 billion via a rights offering and by issuing debt. Singapore’s Temasek Holdings Pte is the largest shareholder.</p><p><img src=\"https://static.tigerbbs.com/7ca8444435333ac70c76e5dab97c07bb\" tg-width=\"930\" tg-height=\"523\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The Singapore government’s decision last year to allow entry of fully-vaccinated people from two dozen countries has given the city state’s travel sector a lift.</p><p>Singapore Airlines’s newly issued bonds “could offer value given its support from Temasek and ample liquidity, offset by a slower recovery due to the lack of a domestic market,” said Bloomberg Intelligence analyst Sharon Chen.</p><p>Though still way below its pre-pandemic level, the number of passengers at Changi Airport rose over the course of 2021. Singapore Airlines recorded a “meaningful increase in traffic,” though the onset of the omicron coronavirus variant led to a temporary suspension of quarantine-free travel.</p><p>Singapore Airlines isn’t the only Asian carrier looking to tap funds this week. Korean Air Lines Co. is marketing a Samurai bond, which is guaranteed by the Export-Import Bank of Korea, at 0.45%. 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Singapore Airlines recorded a “meaningful increase in traffic,” though the onset of the omicron coronavirus variant led to a temporary suspension of quarantine-free travel.Singapore Airlines isn’t the only Asian carrier looking to tap funds this week. Korean Air Lines Co. is marketing a Samurai bond, which is guaranteed by the Export-Import Bank of Korea, at 0.45%. It is to be priced on Friday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":279,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}