航空公司（JetBlue Airways Corp.）的债务价格已跌至两年多前发行以来的最低水平，这家陷入困境的航空公司正在持续消耗现金，而空头投资者则对其股票虎视眈眈。
Airways Corp. debt fell to the lowest levels since it was issued more than two years ago, as the struggling airline burns through cash while short sellers circle its shares.
根据 Trace 定价数据，这家航空公司 2031 年到期的 20 亿美元债券周四跌至每美元 72 美分，为 2024 年 8 月以来的最低水平。这些债券由与公司忠诚度计划相关的抵押品担保，过去一个月，其相对于基准指数的收益率利差已超过 1,000 个基点。这一水平通常表明垃圾评级债券市场已陷入困境。
The airline’s $2 billion bond with a 2031 maturity fell to 72 cents on the dollar on Thursday, the lowest since August 2024, according to Trace pricing data. The bonds, which are backed by collateral tied to the company’s loyalty programs, saw their yield spread relative to the benchmark blowing past 1,000 basis points over the past month. This is a level that typically indicates distress in the market for junk-rated debt.
空头分析公司 S3 Partners 表示，今年 JetBlue 的平均空头头寸已从流通股的 20% 上升至 29%。由于油价上涨的背景充满挑战，加上多年经营亏损，该公司正努力应对沉重的债务负担，其股价也承受着巨大压力，今年迄今已下跌约 15%。
JetBlue’s average short interest rose from 20% to 29% of float this year, said S3 Partners, a shorts analytics firm. The stock has been under pressure as the airline is trying to navigate a heavy debt load after years of operating losses against a challenging backdrop of rising oil prices. The stock is down about 15% this year.
S3 表示，抛售 JetBlue 股票的空头投资者实际上是在做多石油。
Short sellers dumping JetBlue are effectively long on oil, S3 said.
这家背负着约 90 亿美元债务的航空公司还面临高昂的成本和激烈的竞争。Bloomberg Intelligence 分析师 George Ferguson 表示，如果燃料价格持续高企，JetBlue 可能不得不从消耗现金的策略转向能够稳定创造现金流的模式。
The airline, which is saddled with roughly $9 billion in debt, also faces elevated costs and intense competition. If fuel prices remain high, JetBlue may need to shrink from a cash-burning strategy to one where they can generate cash regularly, according to George Ferguson, a Bloomberg Intelligence analyst.
JetBlue 在第二季度消耗了 3.89 亿美元的自由现金流，其中包括用于运营的 1.55 亿美元现金和 2.34 亿美元的资本支出，凸显了该公司在努力恢复盈利能力时所面临的财务压力。
JetBlue burned through $389 million in free cash flow in the second quarter, including $155 million in cash used for operations and $234 million in capital expenditures, underscoring the financial strain facing the carrier as it struggles to return to profitability.
燃料价格的飙升进一步加剧了这些挑战。JetBlue 在第二季度支付的平均燃料价格为每加仑 4.23 美元，较一年前上涨 76%，尽管收入增长了 14.5%，但利润率仍受到挤压。
A surge in fuel prices has compounded those challenges. JetBlue paid an average of $4.23 per gallon for fuel during the second quarter, a 76% increase from a year earlier, squeezing margins despite a 14.5% jump in revenue.
上个月，由于天气和空中交通管制中断扰乱了其美国东北部网络的整体运营，该航空公司下调了第三季度运力预期。捷蓝航空已试图向投资者保证其长期前景，并于7月份表示，预计将在2027年实现正向自由现金流，并在2028年每股收益至少达到1美元。
The carrier last month cut its third-quarter capacity outlook after weather and air traffic control disruptions snarled operations across its northeastern US network. JetBlue has sought to reassure investors about its longer-term prospects, saying in July that it expects to generate positive free cash flow in 2027 and earn at least $1 a share in 2028.