Avianca has returned to the international bond market with a new USD senior secured 10.25% note due January 2032, offering investors one of the most attractive risk-adjusted yields in the Latin American airline sector. Backed by the company’s LifeMiles loyalty program and brand intellectual property, the new issue provides a meaningful concession versus Avianca’s existing curve while benefiting from improving leverage metrics and strong liquidity. We believe the bond represents the preferred entry point across the Avianca capital structure and maintain an Overweight recommendation on the new secured issuance.