Bond Market News

Hotel Group Shangri-La Asia reported a net loss of $460.2mn in 2020 as compared to net profits of $152.5mn in 2019. Revenues fell ~58% to $1.03bn impacted by the pandemic with its weighted average occupancy rate falling to 33% for 2020 vs. 68% in 2019. For example, its Singapore hotel occupancy was at 45% for the year vs. 82% in 2019 while PRC Hong Kong saw 15% occupancy last year vs. 69% in the year prior. Revenue from its property development segment also declined due to fewer units for handover and its investment properties operations also saw revenues drop. With the results, the board recommended no dividend for the year.

Shangri-La’s SGD bonds were stable – its 3.5% 2030s were at 99.1, yielding 3.6%.

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