Aurora Macro Strategies

LatAm Credit Update: Brazil’s FNAC Airline Credits

October 8, 2026

Latin AmericaCross-Asset

Brazil’s emergency FNAC airline-credit facility is nearing expiration as a right-wing administration promising fiscal consolidation appears poised to take power. Aurora maps the political and regulatory paths for the scheme, the differing exposure of GOL, LATAM and Azul, and the creditor risks under either runoff outcome.

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LatAm Credit Update: Brazil’s FNAC Airline Credits