We still have TAP bonds lying around from a time when we thought these would be redeemed early. It never happened. TAP are refinancing with
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This name is almost on the shelf now. We are merely waiting for
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Tap have paid down the 2023 bonds without also addressing the 2024s, which means the final leg of our thesis did not materialise. Nonetheless, it’s been a
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Our forecast for H123 may be too conservative. Q1 numbers released yesterday showed a very strong expansion of both ASK offered and
Read MorePlease find our updated analysis here.
The restructuring has been a success, both financially and operationally. The 24s have tightened into the high 90s and our thesis has run its course. Still, for those interested in holding short term paper with a little upside and possibly a half-decent yield, these bonds still trade very wide compared to the debt of the government that guarantees it and that has just committed to injecting enough cash to take those bonds out if need be.
Read MoreAir France-KLM today reiterated they are interested in joining the M&A process for TAP - if the format is right. The French/Dutch carrier, however,
Read MoreTAP have published their audited FY22 results on Friday night. Q4 results had previously been published and presented in March and otherwise
Read More"There's a reason Lufthansa has expressed interest before and if Covid hadn't happened the two airlines would already be together” said the German
Read MoreThe Portuguese Finance Ministry is finding any reasons now to remove the top-flight at the carrier as it commences its formal privatisation. During the
Read MoreTap have performed their planned capital increase by the Portuguese state. The transaction amounts to a full write-off of the existing capital and the issue of new
Read MorePortugal’s Minister of Infrastructure, Pedro Nuno Santos, has stated that in order to remain viable in the long-term, TAP needs to be combined with a large aviation group and
Read MoreHalf Year results this morning confirmed the company’s stronger than modelled recovery. Recovery in particular also beat most European rivals as TAP have no
Read MoreThe Group CEO in an interview today reiterated that the restructuring remains on track and that expectations of revenues for this year and
Read MoreSpeculation about Lufthansa taking a strategic stake in TAP are not ending. This is of course very much in line with our view of the situation, but has only yesterday been
Read MoreTAP’s quarterly report for the first three months of the year showed the continued strengthening of the carrier. The March data is somewhat difficult to interpret as the company’s pre-pandemic quarterly disclosure has
Read MorePlease find our updated analysis here.
As per original thesis, the restructuring has taken place behind the bonds, leaving investors untouched, safe for some covenant holidays. Moreover, RPK have returned more rapidly than we had dared to assume, which is lucky for us. From here, the outlook must take into account
Read MoreTap’s conference call lasted a whopping 10 min longer than Intralot’s and also featured only two questions - again one from myself, specifically on the
Read MoreTAP are about to close the €360m loan lead by Caixa Geral and Santander. The loan will be syndicated entirely to Portuguese banks they would
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