Last week, our beloved national carrier, Singapore Airlines (SIA), or SQ as it is known by its flight code, announced a bazooka rights issue and mandatory convertible bond issuance to shore up capital in the fight against the coronavirus. The two instruments amount to SGD 8.8 billion dollars but this is just the first wave. The firm alluded to further capital raise of SGD 6.2 billion if needed and subjected to shareholders’ approval within the next 15 months. In total, SIA is raising SGD 15 billion dollars which roughly one year’s worth of revenue (last year’s revenue was SGD 16 billion) but probably 15 to 18 months of its annual cost base. It is also more than 15 years worth of last year’s net profit at c.SGD 900 million. From the balance sheet angle, 15 billion is also bigger than its equity base of SGD 12 billion. The firm cited...