ANA Holdings will issue Y200 billion ($1.3 billion) worth of 'bond-type class shares' through a domestic public offering, with half allocated to funding its aircraft purchases. The securities, which will list on the Tokyo Stock Exchange, are expected to price at 3.5-4% until March 2031, after which they will revert to a floating rate equal to the one-year JGB rate plus a spread to be determined at pricing. Pricing is expected to take place between 21 and 26 November, with subscriptions to start on the next business day and run until 11 December. ANA states that the hybrids will enable it to raise funds without diluting voting rights of its shareholders, while allowing half the funds to be credited as equity by credit ratings agencies. "They are a new financing option that enable us to realise balance sheet management as 'Second Capital' without dilution," it adds. It anticipates net proceeds of Y194 billion, with Y100 billion to be deployed on aircraft purchases by the end of March 2027. These include Boeing 787s, 777-9s, 737 Max 8s and Airbus A320neos and A321neos. ANA announced in February plans to order up to 77 jets from Boeing, Airbus and Embraer as part of a strategy aimed at capturing demand for travel between Asia and North America, as well as changes in the domestic demand environment. The remaining amount will be used to repurchase treasury stock and optimise its capital structure, along with Y56 billion of liquidity it already has on hand.

Hong Kong Airlines will start daily flights to Hanoi from 19 December, a route it last served in February 2020. The carrier's executive vice president Li Dianchun says the new route will help cater to rapid growth in Vietnam's tourism market. "Building on our successful experience operating the Da Nang route, we are even more confident in the potential of the Vietnamese market. We look forward to deepening our presence in Vietnam and offering passengers more convenient and efficient travel options," he adds. Schedules data shows that Hong Kong Airlines will be the fourth operator on the route after Cathay Pacific, HK Express and Vietnam Airlines.

Pegasus Airlines has cut its earnings guidance for the full year after unit revenue fell back sharply in the third quarter. Revenue per ASK slipped 14% year on year amid what Pegasus describes as a "complex market environment" impacted by macroeconomic and geopolitical challenges that spilled over from earlier in the year. The carrier notes that foreign visitor arrivals to Turkiye were flat during the quarter and that it was forced to stimulate demand. "These initiatives have proven effective," it says, citing the strength of its load factor, which rose to 89.2%, the highest level since 2019. "The market environment remains unchanged in Q4," it adds. Most notably, revenue from international scheduled services, which accounts for the vast bulk of the total, fell back 6% to €570 million ($660 million). ASKs were lifted 17% year on year. Absolute passenger numbers increased 16%. Revenue rose 1%, but EBITDA slipped 11% to €395 million, reducing the margin to 35.9% from 40.6% a year earlier. Pegasus has reiterated capacity guidance for growth of 14-16% for the year, but RASK is now projected to fall by 6-8%, against a mid-single digit forecast previously. The airline foresees an EBITDA margin of around 26%, having previously guided that it would be 26-27%. In 2024, it was 28.4%. Speaking to Cirium last month, Pegasus commercial chief Onur Dedekoylu said that the carrier would press ahead with its ambitious growth plans despite headwinds in European leisure demand and a softer tourism season in Turkiye. He highlighted that the Istanbul-based low-cost carrier had grown passenger numbers 17% in 2024 and was targeting another double-digit increase for 2025, while acknowledging that trading conditions had become tougher. "The Turkish lira has been overvalued against hard currencies, making Turkiye less competitive compared to other destinations," said Dedekoylu. "We've grown fast without losing cost discipline. That's the key to sustaining profitability."