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Bond Market News
United Airlines and Aeromexico Report Q3 Results
October 20, 2021
United Airlines reported net income of $473mn in Q3 helped by a boost from $1.13bn in federal payroll aid, an improvement from its $1.8bn in losses in 3Q2020, but lower than its $1.02bn in 3Q2019. Q3 revenues stood at $7.75bn, down 32% from the same quarter in 2019. United said it expects its Q4 capacity to fall 23% vs. 2019 and that its sales during the period would be down 25-30%.
United’s bonds were slightly higher with its 5% 2024s up 0.6 points to 103.7 cents on the dollar, yielding 3.3%.
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Aeromexico reported net loss of MXN 2.24bn pesos ($109mn) in Q3 vs. a net loss of MXN 2.88bn ($142mn) during the same period last year. The company posted MXN 13.23bn ($654mn) in revenue during the period, down 28% vs. 3Q2019. The airline which which is undergoing reorganization under Chapter 11 of the Bankruptcy Code, said its total capacity increased 24.8% QoQ. “Despite the complex environment, the market has shown signs of recovery,” Aeromexico said.
Aeromexico’s USD 7% 2025s were down 0.7 points to 92 cents on the dollar, yielding 9.2%.
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