I wrote about
That said – my original post is pretty convincing on the notion that if air traffic in
I have no idea how sharply air-traffic will fall here. Air traffic is one of the most consistent of all variables. It just rises. The reason of course is that the cost of flying in real terms has fallen for decades. When I was a kid people who flew from
But if the recent trend in oil prices is permanent and continuing the era of ever-rising air-traffic volumes is over. We will again refer to people who fly long-haul as the jet-set.
There is some listed subordinate debt in
I see the advert: Bond insurer – selling airport in glitzy long-haul destination.
If oil goes to $400 they will take a loss on this. But otherwise it should be fine.