You could look at that. Due to high oil prices, the situation is difficult for airlines, especially for AirBaltic, which had a net loss of 44m in 2025, but significantly less than the 118m loss in 2024.
However, what creates "confidence" is that Lufthansa $LHA (+3.01%) about 10% on AirBaltic holds. Moreover, it is rather unlikely that the Lithuanian government would simply let its national airline go bankrupt.
Fitch has given it a CCC+ rating, which is pretty much junk, and only recently downgraded it. It's just a high yield bet, but not uninteresting. There are lower coupons at chip shops with less backing. If you like that sort of thing, you can make a small contribution. The 14.5% coupon is nice. And who knows, there may even be price gains to be realized in the medium term if external circumstances improve. But first I have to "process" the creditor vote on my Mutares bond. These are such "niceties" with this type of bond.🤷♀️
