15 October - Trading Buy

Shares in airline group, International Consolidated Airlines, have fallen to an eight year low recently as the problems of the industry take hold.  The company, which owns British Airways, Aer Lingus and Iberia, has clearly suffered from the collapse of air travel due to the pandemic, but it has taken action to strengthen its balance sheet by raising €2.74bn through a rights issue recently.  Although short-term trading is likely to remain very challenging the equity raise will allow the company to trade through this difficult period before some sort of normality returns.  The hedge . . .

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