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Ryanair F1Q19: Whack-a-Mole

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

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.

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.

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 ..

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.

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 ..

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.

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.

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.

HY Note: EA Partners I & II

HY Note: 16 Nov 2016, 9:13 PM ET - The structure of the EA Partners bonds is a fiduciary nightmare.

Lufthansa: Assumes Air Berlin Capacity

Worth Watching: 11 Sep 2016, 9:05 PM ET - Lufthansa LCC unit Eurowings will wet least 40 aircraft from troubled Air Berlin and take over the routes they flew.  LHA expected rebranding and wet leasing capacity of weak euro low-cost carriers would be one of the growth vectors for Eurowi ..

Lufthansa 2Q16: Nearing Labor Resolution

Earnings Note: 02 Aug 2016, 10:45 PM ET - On the verge of labor peace and lower pension exposure.

Ryanair F1Q17: O’Leary on Brexit

Earnings Note: 25 Jul 2016, 11:55 PM ET - Lowest costs drive lowest fares and highest profits.

Airlines vs. Brexit

Sector Analysis: 29 Jun 2016, 10:58 PM ET - On Brexit alone, airlines are oversold.

Lufthansa 1Q16: Bad Quarter After 2015 Rebound

Earnings Note: 03 May 2016, 10:58 PM ET - 1Q16 was a sharp fall off in metrics after four positive quarters.

HY Note: easyJet Approaches the Euro Bond Market

HY Note: 17 Jan 2016, 11:24 PM ET - BBB+ ratings are rare in the airline industry, and EZJ deserves it.

Aircraft Leasing: The DAL Bubble Theory

Sector Analysis: 21 Oct 2015, 4:01 AM ET - Quite likely DAL management overstated a case for excess aircraft supply and investors extrapolated too far into the global fleet.

Aircraft Leasing: Portfolio Scorecard

Sector Analysis: 15 Oct 2015, 4:19 AM ET - Expect strong quarterly results lasting through 2016.  Buy aircraft leasing bonds with confidence.

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