Brazil airline hierarchy reversed as investors await BNDES bail-out

Oliver West

May 21, 2020 08:15 am

PA_Azul_aeroplanes_Brazil_575x375 — Pictured planes of the airline Azul, parked due to lack of passengers in Campinas, Brazil on April 20, 2020. Coronavirus interrupts historical series at Viracopos Airport in Campinas (SP) and total passengers reduced 31\% in March, airport registered 575.6 thousand travelers last month, compared to 837.5 thousand in the same period of 2019. Baixa interrupts consecutive increases registered in the terminal since July 2018. (Photo by Leandro Ferreira/Fotoarena/Sipa USA) | Fotoarena/SIPA USA/PA Images

As bondholders eagerly await details of a rescue package from Brazilian development lender BNDES to the three largest airlines operating in the country, the strongest credit in the sector coming into the Covid-19 crisis is now the perceived as the weakest.

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Americas LatAm Bonds Emerging Markets LatAm Corporate Bonds Latin America

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Oliver West

US Bureau Chief - Latin America Editor