● Uncovering the innovative products airlines have utilised to inject cash into their businesses. How are these structures holding up? ● What type of yields are investors getting out of new types of collateral? ● Exploring the legalities behind investing and owning new types of collateral. ● Are these new types of collateral secure if an airline enters bankruptcy? What value do they have if an airline enters bankruptcy? ● What can investors do to protect themselves in this market? ● A case study of United Airlines’ loyalty programme financing