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Latam in Focus: Mexico Flies, Brazilian Honeymoon

Emerging Markets Spotlight: 15 Nov 2018, 6:04 AM ET - Latin American credit has rebounded in recent months, led by Argentina and Brazil. Mexico in contrast has been hit as investors have become worried about AMLO’s policy priorities. We prefer Brazil to Mexico in the current environment.
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Gol Intelligent Airlines: 3Q18 Review

HY Note: 05 Nov 2018, 5:44 AM ET - Strong corporate demand offsets currency issues.
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GOL Intelligent Airlines: Gobbles Up Smiles

Worth Watching: 15 Oct 2018, 10:18 PM ET - GOL Intelligent Airlines will purchase the 48% of Smiles Fidelidade (SMLS3 BZ) it does not own at a price to be determined.  As it looks to be an equity swap, the event is credit positive for GOL bondholders.  To stir the drink a tad more, GOL a ..
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GOL 2Q18: Structural Currency Hedges

Earnings Note: 07 Aug 2018, 9:28 PM ET - GOL reported solid 2Q18 results, with quarterly financial results improving YoY. Currency depreciation is an issue, but GOL has mitigating factors built into its income statement and balance sheet.   
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Gol Airlines: Poor Technicals, Good Fundamentals

Company Analysis: 10 Jul 2018, 2:36 PM ET - LatAm technicals obscured a good credit story.
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Gol Intelligent Airlines 1Q18: Currency Watch

Earnings Note: 13 May 2018, 8:36 PM ET - Strong passenger demand, volatile currency.
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Gol Intelligent Airlines 4Q17: Progress

Earnings Note: 07 Mar 2018, 10:25 PM ET - Strong quarter and positive outlook.  
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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 ..
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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 ..
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Gol Intelligent Airlines 3Q17: Call Constrained

HY Note: 10 Nov 2017, 4:45 AM ET - Improving financial and traffic metrics; bonds call constrained.
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Gol Intelligent Airlines 2Q17: "Normalized"

HY Note: 11 Aug 2017, 4:41 AM ET - GOL is back to where is was before the economic crisis, only smarter.
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Gol Intelligent Airlines 4Q16: Rebound

Earnings Note: 20 Feb 2017, 11:45 PM ET - GOL rebounded off 2016 lows, primarily due to currency appreciation.
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Gol Intelligent Airlines 3Q16: What Restructuring?

Earnings Note: 08 Nov 2016, 10:02 AM ET - Back to a normal airline with a positive outlook.
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Gol Intelligent Airlines 2Q16: Recovery

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

EM Spotlight: Taking a Closer Look at Brazil

Emerging Markets Spotlight: 20 Jun 2016, 11:12 PM ET - Brazilian Credit has had a roller-coaster ride over the past 12 months. In this piece we look at how sensitive the corporates are to the sovereign and how the slowdown has been hitting each of the sectors and corporates under our coverage.
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HY Note: Bondholders 1, GOL 0

HY Note: 20 Jun 2016, 10:43 PM ET - GOL adds bells and whistles to its exchange offer, but potential upside still remains higher by not tendering.
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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.
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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.  
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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 ..
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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 ..

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