Khorlan Wealth provides independent institutional fixed income research covering emerging market sovereign and corporate debt. This report analyzes the newly issued PAL Holdings (Philippine Airlines) 7.75% 2031 senior unsecured notes, reviewing valuation, credit fundamentals, leverage trends, liquidity, relative value versus the Philippine sovereign curve, and the investment outlook for institutional investors.

Philippine Airlines (PAL Holdings) has returned to the international bond market with its inaugural USD 7.75% senior unsecured notes due 2031. In this report, Khorlan Wealth evaluates the issuer’s post-restructuring balance sheet, operating performance, valuation versus the Philippine sovereign curve, and relative value against comparable emerging market airline credits. We believe the new issue offers an attractive yield premium supported by improving fundamentals and maintain an Overweight recommendation.P