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Wizz Air (WIZZLN 26s; (Ba1/NR /BBB- Neg) Reuters Headlines
Nothing substantial in Reuters article for us. As we mentioned after FY24 results the Pratt & Whitney engine issues that need to be reinspected (currently 47 planes or ~22% of fleet) remains the main cause of capacity issues. On that late last week Reuters reported it is tendering (in process of selecting) the engine provider for its latest order of airbus planes; either current Pratt & Whitney (RTX parent) or competitor CFM (JV between GE and Safran). Note Wizz Air was given financial compensation for the groundings.
It's single 26s are at Z+100 on mids. We hope it refi's the line when it comes due but that may not be anytime soon with a 1% coupon on the line and co still targeting deleveraging.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.