ABRA’s IPO plans: Following our meetings on the sidelines of the IATA conference, we visited Bogota and met with Avianca, a key member of the ABRA Group. As ABRA prepares to IPO, management highlighted group member synergies, as well as short-term challenges related to planned capacity reductions and fuel prices. On the latter front, management highlighted some recent, positive results from their fuel hedging program. Capacity trim plans: Avianca highlighted plans to strategically trim some