Windfall for Gol Linhas' bonds investors

[NEW YORK] Gol Linhas Aereas Inteligentes SA's planes have never been more filled with passengers. That's translating into a windfall for bond investors in the biggest airline in Brazil.

Its US$500 million of notes have rallied since Aug 13, when Gol beat analysts' sales estimates for a fifth quarter and said a record 81.2 per cent of seats on its planes were occupied in June and July.

That's pushed returns on the Sao Paulo-based airline's bonds to 21 per cent this year, triple the average in emerging markets, according to data compiled by Bloomberg.