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Focused

Jet Airways: EA Partners I and Lessor Exposure

Worth Watching: 13 Aug 2018, 4:54 PM ET - Jet Airways announces a liquidity squeeze, delaying financial releases, seeking emergency funding from the State Bank of India, and allegedly looking for up to $400 million private equity funding.  EA Partners I bondholders should be nervous, ..

Ryanair F1Q19: Whack-a-Mole

Earnings Note: 30 Jul 2018, 4:21 AM ET - Union issues popping up all over.
Focused

EA Partners II: Waterfalling

HY Note: 12 Mar 2018, 9:46 PM ET - Fundamental value is probably 50; par if Etihad steps up.

Ryanair F3Q18: Two Blips on the Long Climb

IG Note: 11 Feb 2018, 10:03 PM ET - Pilot drama should not obscure the positive financial story.

Aircraft Finance: Lessor Bonds vs ABS vs EETC

IG Note: 14 Dec 2017, 10:14 PM ET - Aircraft are excellent collateral.  Bondholders can invest through aircraft lessor senior notes, ABS structures, or EETCs.  Senior notes offer the most value.

Avolon, HNA, Chinese Airlines, Aircraft Lessors

HY Note: 10 Dec 2017, 11:52 PM ET - Aircraft lessor exposure low to HNA Group affiliated Chinese airlines.  Avolon needs stronger covenants.
Focused

HY Note: EA Partners Review

HY Note: 20 Aug 2017, 7:47 PM ET - Assumed Etihad support greatly improves bondholder recoveries.

Etihad Airways: Aircraft Book Value Impairment

Worth Watching: 19 Aug 2017, 10:51 AM ET - Etihad Airways announced two major charges in its recent 2016 financial press release: $808 million against partner-related assets and financial exposures (Alitalia/ Air Berlin, and could be higher) plus a $1.1 billion writedown of aircraft boo ..

airberlin: Aircraft Lessor Exposure

HY Note: 17 Aug 2017, 11:33 PM ET - GECAS, Avolon, and AerCap are large lessors to airberlin; Aircastle and Air Lease exposure is low.
Focused

EA Partners I and II: Now Air Berlin Defaults

Worth Watching: 15 Aug 2017, 10:25 AM ET - EA Partners I and II have 40% of their portfolio debt in default, now that Air Berlin joins Alitalia in bankruptcy.  These were not unforeseen events (see HY Note: EA Partners I & II 11/16/16).  After the Alitalia bankruptcy, a rumor circulated ..
Focused

EA Partners I and II: Intention Is Not A Guarantee

HY Note: 12 Jun 2017, 4:32 AM ET - Backing away from Alitalia and Air Berlin support puts EA Partners bonds in a deepening hole.

EA Partners: Good and Bad Day

Worth Watching: 03 May 2017, 10:48 PM ET - EA Partners bondholders batted .500 today: Alitalia declared bankruptcy and Etihad declared support for Air Berlin into the "foreseeable future".  That appears to be at least through April 2019 as two Abu Dhabi banks extended their loans and may ..

Alitalia: Lessor Exposure

Worth Watching: 03 May 2017, 9:47 PM ET - Alitalia is on the deep watch list, highly likely to park its aircraft for good by this summer. Even if there is a last minute reprieve, downsizing the fleet will be part of that deal.  The current fleet is 107 aircraft with an average age of ..
Focused

HY Note: EA Partners First Capitulation Trade

HY Note: 27 Apr 2017, 5:20 AM ET - Bonds finally traded down, triggered by Alitalia unions rejecting the latest restructuring proposal.
Focused

Alitalia: Needs Cash, Again

Worth Watching: 05 Mar 2017, 9:51 PM ET - Alitalia continues to face repeated liquidity deadlines, historically patched up with emergency investments precipitating out of political and labor drama.  Now management needs over €1 billion to keep flying and plans to cut jobs, wages, and s ..

Ryanair: Disruptive Capacity

IG Note: 17 Feb 2017, 5:16 AM ET - Passenger revenue metrics continue to decline to support the long runway of capacity growth.
Focused

EA Partners: Potential Alitalia Restructuring

Worth Watching: 06 Feb 2017, 10:36 PM ET - EA Partners announced Alitalia entered into standstill agreements with certain key creditors and large bondholders, not including EA Partners.  As a trust, EA Partners lacks the management infrastructure to engage in restructuring talks with Ali ..

Etihad: CEO Resigns, Another Reason to Sell Bonds

Worth Watching: 25 Jan 2017, 9:38 PM ET - Etihad CEO Hogan resigned, signaling ownership unrest with the slowing pace of growth and financial troubles within the EA Partners network.  The overriding issue is whether Abu Dhabi can sustain more than a vanity airline in the crowded Gulf s ..

November 2016 Company Coverage Initiated

Company Coverage Initiated: 30 Nov 2016, 9:04 PM ET - Our monthly report provides executive summaries for the thirteen company on which we launched coverage in the US, Europe, and Asia during the month of November.

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.

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