We believe that Gol Linhas Aereas Inteligentes (GOLLBZ) provides investors with a good carry given the high yield nature of its bonds and the flexibility to manage off-balance sheet operating leases in order to adequately rationalise liquidity. Aside from the outliers – the outstanding cUS$20.88mn of 10.750% bonds due 2023 and the US$18.26mn of 9.50% bonds due 2028 (both very illiquid) – the mid-Yield-to-Maturity of the GOL curve yields between 8.585% and 9.511%. We see this curve as attractive in general. Further, on a relative-value basis, we find GOL’s yield curve more attractive than its regional peer Avianca. We also believe that GOL’s spreads to its much healthier peer, LATAM Airlines, is more than adequate, further strengthening our relative value argument.