Singapore Airlines’ (SIA), whose business was greatly affected by the global pandemic, is issuing its first US dollar bond today. SIA, whose biggest investor is Temasek, had in the past only carried out debt deals in Singapore dollars rather than US dollars. They have issued US$2.77 billion (S$3.7 billion) in five bond issuances in the past seven years. The most recent was a US$372 million 10-year private placement deal last November. Is SIA bond safe? To most people, investing in SIA bonds is perceived as relatively low risk, given the “Temasek backing”. In 2019, SIA issued an SGD retail bond with only 3.03% interest but gathered strong interest. However, bond investing is not without volatility. Singapore Airlines flew 81% fewer passengers last year as the pandemic devastated the global travel industry, forcing it to suspend flights and let go of employees. While vaccines have provided some optimism, the outlook for any sustained rebound in travel demand remains uncertain....