Will SIA issue second tranche of MCBs? Archives

SIA 2021 MCBs: Why you SHOULD NOT subscribe for them

June 6, 2021

We DO NOT see any economic rationale to subscribe for the Rights 2021 MCBs, as the 2020 MCBs offer a higher yield-to-call and more shares if converted.

Singapore Airlines’ Mandatory Convertible Bonds (MCBs) are now yielding 7-8% p.a. Are they a good buy?

October 1, 2020

At the current price of S$0.90, we estimate the expected annualized return for SIA’s Mandatory Convertible Bonds to be 7.47%.

If SIA’s profits returned to pre-Covid levels tomorrow, is it a “BUY” at today’s price?

September 28, 2020

We looked at what the implied Price-to-Earnings would be if SIA’s profits reverted back to Pre-Covid levels, while making adjustments for the rights issue.

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