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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.

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 ..

HY Note: DAL Talks GOL

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

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

LATAM Airlines 2Q15: Overcoming Peso/Real Problems

Earnings Note: 17 Aug 2015, 5:50 AM ET - LATAM ouperforms local currency devaluation, but upside waits until Latin America outlook improvement.
Focused

Azul: TAPs into Europe

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

GOL Intelligent Airlines: Negative 1Q15 Guidance

Worth Watching: 01 May 2015, 12:02 AM 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.
Focused

LATAM Airlines 4Q14: Fuel Fell Faster than Revenue

Earnings Note: 19 Mar 2015, 4:46 AM ET - Fuel ignites financial turnaround.  

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