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Bond Market News
JetBlue’s Dollar Bond Hits All-Time Low
October 9, 2026
JetBlue Airways’ 9.875% bond due 2031 fell to its lowest levels since issuance as the airline continues to face financial pressure from rising fuel costs, operating losses and a heavy debt burden. The company’s credit spread widened beyond 1,000bp, indicating increasing distress. Short interest in JetBlue shares has also risen from 20% to 29% this year, reflecting growing bearish sentiment. JetBlue has around $9bn in debt and reported negative free cash flow of $389mn in 2Q2026. Fuel costs rose 76% YoY to $4.23 per gallon, putting further pressure on margins despite a 14.5% increase in revenue. The airline also reduced its third-quarter capacity outlook following operational disruptions. Despite these challenges, JetBlue expects to generate positive free cash flow in 2027 and earnings of at least $1/share in 2028.
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– Ritish G
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