Aviation in particular has been hard hit by the Covid-19 pandemic.  Efforts to boost liquidity have resulted in innovation across the industry.  Walkers is proud to have advised the financiers at the cutting edge of this development on the first-of-its-kind loyalty backed financing for United swiftly followed by Delta's capital raise secured by its loyalty programme.  The deals were significantly upsized after going to market also serving to highlight investor appetite in the sector.