$SINGAPORE AIRLINES LTD(C6L.SI)$ What is happening to SIA this morning? Some days that the operating numbers are improving whilst others cheer at the funding support (assuming free money from Temasek).

From the analyst report I read, some have not priced in any form of dilution or cost from the MCB issues. Without coupon payable, they have effectively treated the MCB as free money to shareholders. This is just pushing a problem to many years down the road when the MCB is nearer to conversion.

Perhaps there could also be some invisible hands trying to keep the share price close to the conversion price in order to hold up the secondary market price of the existing MCB and make the MCBs at the money to attract shareholders to subscribe.

At this moment, I would prefer to stay out and watch the show. Trade with care.