Core Points - Mesa Air Group, Inc. announced that shareholders approved all proposals at the special meeting, including the merger with Republic Airways Holdings Inc. The merger proposal received approximately 99.25% of votes in favor [1][2] - The merger is expected to enhance the scale and long-term stability of the combined company, with the closing anticipated within the week, pending regulatory approvals [2] - Mesa operates a regional air carrier service to 68 cities across 31 states and Mexico, with a fleet of 60 aircraft and approximately 233 daily departures as of October 31, 2025 [3]

Report Industry Investment Rating - No information provided Core Viewpoints - The Asia IG space was 1 - 2bps wider this morning, with better selling on KR/JP/HK T2s [4]. - Tactical buyers continued to pick up cheaper offers in higher - yielding LGFV names in preparation for next year, while lower - yielding CNH issues remained under selling pressure [3]. - The report maintains a buy rating on PCORPM 7.35 Perp due to better carry, trading liquidity, smooth access to diverse funding channels, and notably lower refinancing pressure [11]. Summary by Relevant Catalogs Trading Desk Comments - There was better selling on Japanese names such as NOMURA/JERA/KUB/MITCO/MIZUHO/MUFG. Small selling on the BBLTB curve occurred due to news of new USD issues. PBs were buying Asia/Yankee FRNs with wider spreads. Mixed two - way flows were seen on AU/KR lower - spread names. Chinese onshore accounts were buying FRNs of leasing/security houses. Macau gaming names had price changes ranging from unchanged to 0.2pt lower, LIHHK 26 was 0.5pt higher, the NWDEVL complex was unchanged to 0.9pt lower, LASUDE 26 was down by 0.7pt. In Chinese properties, VNKRLE 27 was 0.2pt lower while VNKRLE 29 was 0.2pt higher, and some other property papers had price drops [2]. Analyst Comments - PCORPM's net leverage improved due to lower net working capital. Its revenue declined by 10% yoy in 9M25, mainly due to lower sales volume and selling price. However, gross profit increased by 15% yoy, EBITDA grew by 11% yoy, and net profit surged 37% yoy. Free cash flow jumped 361% from 9M24 to PHP47bn. The report maintains a buy on PCORPM 7.35 Perp [8][9][11]. - WESCHI proposes to issue a new USD bond to fund a tender offer for WESCHI 26 at 101.238. Holders of WESCHI 26 who subscribe to the new bond may get priority in the tender offer and preferential allocation. The offer expires on 28 Nov '25 5pm CET, and WESCHI 26 was 0.4pt higher this morning [4]. Top Performers and Underperformers - Top performers include PTTTB 4 1/2 10/25/42 (price 88.7, change 0.6), CRNAU 9 1/4 10/01/29 (price 92.4, change 0.6), CQSXGU 6.95 08/07/28 (price 99.1, change 0.6), LIHHK 4.8 06/18/26 (price 94.9, change 0.5), ROADKG 6 03/04/29 (price 19.5, change 0.5) [5]. - Top underperformers include NWDEVL 5 1/4 PERP (price 45.1, change - 0.9), TENCNT 3.68 04/22/41 (price 85.5, change - 0.9), NWDEVL 6 1/4 PERP (price 44.7, change - 0.8), LASUDE 5 07/28/26 (price 68.1, change - 0.7), NWDEVL 10.131 PERP (price 48.3, change - 0.6) [5]. Macro News Recap - On Monday, S&P (-0.92%), Dow (-1.18%), and Nasdaq (-0.84%) were lower, and UST yield was lower. The 2/5/10/30 - year yield was at 3.60%/3.72%/4.13%/4.73% [7]. Offshore Asia New Issues - Priced: Guilin ETDZ Holding Group issued a 3 - year USD40mn bond with a 5.0% coupon at 5.0% and is unrated [15]. - Pipeline: Sichuan Kaizhou Development Holding plans a 3 - year bond with a 6.5% coupon and is unrated; The Hong Kong Mortgage Corporation plans a 5 - year bond at T + 50 with a rating of Aa3/AA+/- [16]. News and Market Color - 98 credit bonds were issued onshore yesterday with an amount of RMB120bn. Month - to - date, 1,027 credit bonds were issued with a total amount of RMB1,115bn, a 27.9% yoy increase. S&P upgraded Bharti Airtel to BBB from BBB - and Del Monte Pacific 2QFY26 sales rose 10% yoy to USD234.9mn [17]. - Danantara will restore all grounded Garuda Indonesia aircraft by next year. Geely Automobile seeks a USD1.5bn - equivalent one - year loan for ZEEKR take - private. S&P downgraded Longfor to BB - from BB. NWD announced early tender results of its USD bonds and perps. Rio Tinto pauses a AUD215mn (cUSD140mn) BioIron green steel project. Transurban launches tender offers for TCLAU 3.375 03/22/27 and EUR bonds due 2028 and 2030 [23].

Core Insights - Ethiopian Airlines has partnered with Collins Aerospace to enhance in-flight comfort by introducing premium lie-flat business class seating solutions across its Airbus A350 and Boeing 737 MAX fleets [1][2][4] Group 1: Partnership Details - The agreement includes outfitting 11 new A350-900 aircraft with Collins Elevation suites, which provide premium privacy, comfort, and ample space for passengers [2] - Fifty-six Ethiopian 737 MAX aircraft will be equipped with Collins' Parallel Diamond business class seats, designed for enhanced comfort and elegant design [3][5] - This collaboration aims to ensure a consistent and seamless passenger experience across Ethiopian Airlines' fleets [2] Group 2: Product Features - The Elevation suite features a privacy door, integrated stowage areas, and increased living space, enhancing passenger comfort without impacting cabin density [4] - The Parallel Diamond seat is designed with advanced kinematic features, maximizing passenger space and privacy while transforming into a 78" lie-flat bed for longer missions [5] Group 3: Strategic Vision - Ethiopian Airlines aims to enhance its customer experience by combining Collins' technology with its onboard services, reflecting Ethiopian hospitality and innovation [4] - The airline is pursuing a strategic plan called 'Vision 2035' to become one of the top 20 most competitive aviation groups globally [10]

Group 1 - Etihad Airways has placed an order for 15 A330-900s aircraft from Airbus [1] - The addition of these aircraft is part of Etihad's strategy to expand its wide-body fleet [1] - The CEO indicated that this move aligns with the company's ambitious growth targets [1]

Core Insights - Airbus secured a provisional order for 150 A321neo jets from flydubai, replacing Boeing as the exclusive supplier for the airline [1] - This order marks a significant recovery for Airbus following a slow start at the Dubai Airshow [1] Company Summary - Airbus has successfully positioned itself to meet the demands of fast-growing budget carriers like flydubai [1] - The A321neo jets are expected to enhance flydubai's fleet efficiency and operational capabilities [1] Industry Summary - The competition between Airbus and Boeing continues to intensify, particularly in the budget airline segment [1] - The order reflects a broader trend of airlines opting for more fuel-efficient aircraft to reduce operational costs [1]

Market Overview - Asian stocks experienced a significant decline as risk aversion increased ahead of Nvidia's earnings report and delayed U.S. economic data, including a jobs report released almost seven weeks late due to a government shutdown [1] - The dollar strengthened amid rising uncertainty regarding interest rates and technology valuations, while oil prices fell following the resumption of loadings at a key Russian port [1] Commodity and Currency Movements - Gold prices fell approximately 1 percent, marking a fourth consecutive session of losses, influenced by the strength of the dollar and reduced expectations for a U.S. interest rate cut next month [2] - The yen recovered from its lowest level since early February due to intervention fears, with Bank of Japan Governor Kazuo Ueda discussing economic and monetary policy developments with Prime Minister Sanae Takaichi [5] Regional Market Performance - Chinese and Hong Kong markets declined, with the Shanghai Composite index dropping 0.81 percent to 3,939.81, primarily due to falling energy stocks, while Hong Kong's Hang Seng index plunged 1.72 percent to 25,930.03, affected by tech stock concerns related to AI valuations [2] - Japanese markets saw a significant drop, with the Nikkei average falling 3.22 percent to 48,702.98, marking its largest decline in over seven months, driven by falling tourism-related stocks due to China's travel alert [3] - Seoul's Kospi index fell 3.32 percent to 3,953.62, heavily impacted by selling from institutions and offshore investors, with major tech stocks like Samsung Electronics and SK Hynix experiencing declines of 2.8 percent and 5.9 percent, respectively [6] - Australian markets hit a five-month low, with the S&P/ASX 200 dipping 1.94 percent to 8,469.10, influenced by cautious sentiments regarding future interest rate cuts [7] Company-Specific Movements - Shiseido's stock fell 2.9 percent, while ANA Holdings dropped 1.3 percent; SoftBank Group lost 7.5 percent, and semiconductor companies like Advantest and Tokyo Electron saw declines of 3.7 percent and 5.5 percent, respectively [4]

Core Points - AerCap Holdings N.V. has signed lease agreements with FlySafair for three Boeing 737 MAX 8 aircraft and two Boeing 737-800NG aircraft, with deliveries scheduled for Q1 2028 and Q3 2026 respectively [1][2] - This partnership is aimed at supporting FlySafair's fleet modernization plan and enhancing operational efficiency to meet growing air travel demand [1][2] - AerCap is recognized as a global leader in aviation leasing, serving approximately 300 customers worldwide [3] Company Overview - AerCap is based in Dublin and operates globally with offices in various locations including Shannon, Memphis, Miami, Singapore, London, Dubai, Shanghai, and Amsterdam [3] - The company is listed on the New York Stock Exchange under the ticker AER and has one of the most attractive order books in the aviation leasing industry [3] FlySafair Overview - FlySafair is Southern Africa's leading low-cost carrier, offering budget-friendly domestic flights and operating five international routes [4] - The airline has been recognized as the top on-time low-cost airline in Africa and the Middle East for 2024 by Cirium [4]

Core Insights - Gulf Air has signed an agreement with Boeing to purchase between 12 to 15 Boeing 787 Dreamliner aircraft at the Dubai Airshow [1] Company Summary - Gulf Air is expanding its fleet by acquiring new Boeing 787 Dreamliner aircraft, indicating a strategic move to enhance its operational capabilities [1] - The agreement was formalized during the Dubai Airshow, highlighting the significance of the event in the aviation industry [1] Industry Summary - The deal reflects ongoing demand for modern aircraft in the aviation sector, particularly for fuel-efficient models like the Boeing 787 Dreamliner [1] - The purchase aligns with trends in the airline industry focusing on fleet modernization and sustainability [1]

南华早报援引独立分析师数据报道，自上周六以来，中国的航空公司已取消约49.1万张前往日本的机票，总预订量的32%。其中上海至东京和上海至大阪地区的航班受航班取消影响最大。估计退票造成的总损失将高达数十亿元人民币，其中70%为往返机票。China Trading Desk数据显示，取消和改签情况表明，未来几周赴日航班的出境量较上周下降超过30%。英国航空情报公司OAG指出，中日航空市场由中国航空公司主导，排名前五的航空公司都位于中国。因此，此次事件对中国航空公司的打击可能会比对日本航空公司的打击更大。外汇交易员 (@myfxtrader):11月15日，国航、南航、东航等多家航司发出通知，公布了涉及日本航线客票的特殊处置方案，对于出行日期在12月31日之前且符合相关条件的客票，可予以免费退改处理。 https://t.co/JnH52SWdW2 ...

Deutsche Bank maintains a "Hold" rating for WZZZY, adjusting its price target from 1,400 GBp to 1,250 GBp due to operational shifts.Wizz Air is reducing operations at Gatwick Airport, focusing more on Luton Airport to optimize costs and improve profitability.The introduction of "Wizz Class" could attract passengers seeking comfort, potentially boosting revenue amidst operational adjustments.Wizz Air Holdings PLC, listed as OTC:WZZZY, is a low-cost airline operating primarily in Central and Eastern Europe. T ...