TAP is getting signs of validation from investors in the financial markets for the quarterly accounts presented this Tuesday.

After the airline announced that it closed the first half of the year with losses of 202.1 million euros (still an improvement over the same half of last year, when losses amounted to 493.1 million euros), interest on debt continues to ease.

TAP bonds issued in December 2019 with a five-year maturity, or until December 2024, appreciate this morning by one cent to 88.40 cents, the biggest jump since January, according to data compiled by Bloomberg and cited by the newspaper de Negócios.

The valuation represents a relief in the yield demanded by investors, which currently stands at 10.71 PT2T, down from 11.61 PT2T in the last session. The decrease in the yield - when the operation was launched, the yield for each bond was 5.751 PT2T, but was even above 201 PT2T - reflects the decrease in investors' perception of the risk of default by the airline.

The company revealed yesterday that although revenues rose 245% (to 1,321.2 million), operating costs also registered a "significant increase" of 73% (to 1,316.8 million euros). After excluding non-recurring items, the positive balance of 1.4 million was, however, transformed into a loss due to "net interest and unfavorable exchange rate developments, particularly in the second quarter," justifies TAP.

Alongside the accounts, TAP announced that it will only return to the markets in 2023 to refinance the private debt that amounts to 700 million euros. Financial director Gonçalo Pires also explained that, after the capital increase at the end of last year, "there is still no need to go to the markets.

Initially it was foreseen that the carrier would go to the markets at the end of this year, but it will do it later. According to Gonçalo Pires, the operation will be prepared in the last quarter of this year and may happen in the first half of next year.