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

Please 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.

Air 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,

TAP have published their audited FY22 results on Friday night. Q4 results had previously been published and presented in March and otherwise

"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

The Portuguese Finance Ministry is finding any reasons now to remove the top-flight at the carrier as it commences its formal privatisation. During the

Tap 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

Please find our updated analysis here.

Management cases are there to be discounted. But in the case of TAP, except for fuel prices, everything has gone to plan and has certainly beat our expectations. That said,

Portugal’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

Half Year results this morning confirmed the company’s stronger than modelled recovery. Recovery in particular also beat most European rivals as TAP have no

The Group CEO in an interview today reiterated that the restructuring remains on track and that expectations of revenues for this year and

Speculation 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