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Focused

Gol Airlines: Poor Technicals, Good Fundamentals

Company Analysis: 10 Jul 2018, 2:36 PM ET - LatAm technicals obscured a good credit story.

Gol Intelligent Airlines 4Q17: Progress

Earnings Note: 07 Mar 2018, 10:25 PM ET - Strong quarter and positive outlook.  

GOL: Prices Re-tap Offering of $150 mn

Worth Watching: 31 Jan 2018, 8:53 PM ET - GOL (GOLLBZ: NR/B-) priced a re-tap offering of $150 mn in aggregate principal amount of its 7% senior notes due 2025, increasing the outstanding principal amount of the $500 mn notes issued on December 11, 2017 to $650 mn. GOL will use the ma ..

Gol Intelligent Airlines: New Issue

Worth Watching: 29 Nov 2017, 8:22 PM ET - Gol Intelligent Airlines begins to rationalize is fractured "post-restructuring" balance sheet, tendering now for the 8.875s with a new bond to be issued.  CreditSights remains positive on the credit despite lower new coupon and less short-term ..

Gol Intelligent Airlines 3Q17: Call Constrained

HY Note: 10 Nov 2017, 4:45 AM ET - Improving financial and traffic metrics; bonds call constrained.

Gol Intelligent Airlines 4Q16: Rebound

Earnings Note: 20 Feb 2017, 11:45 PM ET - GOL rebounded off 2016 lows, primarily due to currency appreciation.

Gol Intelligent Airlines 3Q16: What Restructuring?

Earnings Note: 08 Nov 2016, 10:02 AM ET - Back to a normal airline with a positive outlook.

Gol Intelligent Airlines 2Q16: Recovery

Earnings Note: 17 Aug 2016, 11:22 PM ET - Time to start thinking par.

GOL vs LATAM: Currencies Count

Sector Analysis: 19 May 2016, 6:08 AM ET - LATAM Airlines, which reports in USD, retains capital market access. GOL reports in local currency and faces restructuring.

Gol Intelligent Airlines 1Q16: Oxymoron

Earnings Note: 12 May 2016, 1:51 PM ET - Airline operations OK, but restructuring too dependent on cramming down bonds.  

GOL: Light Bulb Bonds

Worth Watching: 05 May 2016, 11:40 PM ET - GOL public bond exchange offer was dead on arrival, driven in a hearse by a quickly-formed ad hoc bondholder group and their restructuring professionals.  Hard to tell if GOL's CFO graduated from the Neanderthal School of Negotiation or if this ..

GOL: Sledgehammer Disguised as Exchange Offer

Worth Watching: 04 May 2016, 11:08 AM ET - GOL hit the tape with a very aggressive exchange offer, essentially offering new bonds at the market price of existing bonds plus a cash kicker.  Unlike aircraft lessors, bondholders cannot take their bonds and place them somewhere else, so the ..

Corporate Exposures to Latin America

Strategy Analysis: 25 Jan 2016, 11:10 PM ET - The slowdown in Brazil has raised concerns and client questions about Western companies' exposures to LATAM. We have asked CreditSights' analysts to provide what information they have on their companies' reliance on the region.

HY Note: DAL Talks GOL

HY Note: 05 Jan 2016, 11:13 PM ET - GOL bonds are a SPECULATIVE BUY.
Focused

Gol Intelligent Airlines: Azul Scores Equity Cash

Worth Watching: 24 Nov 2015, 11:30 PM ET

GOL 3Q15: 19% YTM, DAL Support, Cash Liquidity

Earnings Note: 15 Nov 2015, 11:46 PM ET - 100% Brazil exposure, but  hunkered down and liquid with friends in high places.
Focused

United Airlines: Buys Relationship with Azul

Worth Watching: 28 Jun 2015, 7:15 PM ET
Focused

Azul: TAPs into Europe

Worth Watching: 11 Jun 2015, 11:07 PM ET

Gol Intelligent Airlines 4Q14: Real 15% Yield

Earnings Note: 09 Apr 2015, 5:35 AM ET - GOL bonds at 15% YTM are the best buy in the global airline sector.

LATAM Airlines 3Q14: Foreigners and Currency Hurt

Earnings Note: 16 Nov 2014, 6:19 PM ET - US and Euro airlines targeted weakening LatAm economies.

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