Qantas tops France-KLM in credit-default risk
Credit-default swaps have risen on doubts over carrier's plans to stem losses
[SYDNEY] Doubts over Qantas Airways's plan to stem losses pushed bond risk for Australia's biggest carrier above that of Air France-KLM Group, which is attempting a turnaround from near bankruptcy.
Credit-default swaps protecting against non-payment of Qantas's debt have risen by as much as 48 basis points since Feb 28 to 300 on March 13, the highest level since November 2012. It ended last week at 294.5. Risk for Air France-KLM fell to a three-year low on March 7 as the carrier's chief executive officer Alexandre de Juniac, who said that it had been "heading to bankruptcy", refocused on premium fliers.
Qantas, named Australia's most highly-regarded brand last year by the Reputation Institute consultancy, has struggled to protect its market share in a price war with Virgin Australia Holdings. A A$2 billion (S$2.3 billion) cost-cutting plan, involving a pay freeze and…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Capital A chief Fernandes defers retirement, renews contract for five years
Victims’ families to urge US prosecute Boeing over fatal crashes
Tesla could start selling Optimus robots by the end of next year, Musk says
FAA probes union claims Boeing retaliated against two engineers in 2022
Tesla profits tumble but shares rise on new vehicle plan
Tesla to cut more than 6,000 jobs across Texas, California