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Ivn San Félix, an analyst at Renta 4, says that the available cash should be enough to last through the next few months and hold out until the market recovers.

"We do not contemplate that IAG needs additional financing for a significant amount," continues the expert from the Spanish investment bank, who stresses that "this is especially relevant after the net debt has increased by almost 5,000 million euros in the last 12 months up to 12,400 million and that the company has advanced some income and delayed payments (pending) and investments (in fleet, mainly)".

It is relevant in comparison with the rest of the European airlines, which are in a more compromised situation and we believe that they will continue to be more dependent on receiving funds to finance their operations and that in some cases they will have to refinance debt again.

The high consumption of cash could lead to a capital increase and debt restructuring for Air France-K.

There is a risk that the balance sheet will need to be restructured if the sale of assets is approved. The group that is expected to increase its profits the fastest in the recovery could possibly refinance a bond of 850 million euros.

IAG issued convertible bonds for 825 million euros on May 18 as one of the latest measures to face the end of the crisis. This type of debt can be used to strengthen the balance sheet and to benefit from a recovery in demand, according to the company.

IAG has taken various measures to strengthen its finances. "A plan to reduce expenses and investments and measures to obtain financing (bond issues, capital increase, granting of loans from government authorities), collection advances (agreement with American Express) and delay payments (pension plan between October 2020 /September 2021)", summarizes Iván San Félix, from Renta 4.

Following this deployment, market consensus estimates from FactSet show that IAG's leverage (net debt/earnings) will be 3.3x by 2022, the first full year (or almost) of air traffic rebuilding, and that it will drop to 2.2 in 2023, the lowest ratio when measured against its main competitors, Air France-KML and Deutsche Lufthansa.

Some forecasts that contrast with IAG's delay in the stock market compared to the sector, and that Goldman Sachs believes that IAG's greater dependence on EU- United Kingdom and transatlantic trips will slow the recovery.

Several Chinese manufacturers have switched the “Made in China” label on their products to “Made in PRC,” which makes it harder for a shopper to instantly identify the country of origin. PRC or the People’s Republic of China is the official name of the country.

The change may be minor, but it is proving to be pretty effective. “Customers are consciously checking the labels and seeing if there’s China written on them. But many are unaware of the English abbreviation for the People’s Republic of China, so they end up buying the Chinese product anyway,” Mansingh Dhaundiyal, a 35-year old owner of an electrical shop in Uttar Pradesh’s Meerut told Quartz.

Ranjit Sodhi, a 40-year-old owner of an electronic store in Noida near New Delhi, said if his customers ask him what PRC means, he tells them, but he knows of several others who “are taking advantage of the customer’s ignorance and tell them that PRC is a small country in Europe.”

Even on online platforms, such as Amazon, several items now carry the “Made in PRC” tag. However, the e-tailer’s policy to include the country of origin still gives it away.

Amid border tensions between the two countries, Indians have been shunning products made in China for several months now. The impact of the sentiment has been so severe that many Indian retailers have said they are finding it hard to convince customers to buy Chinese products.

Now, some retailers are trying to stock items that have tags reading PRC instead of China to ensure higher sales.

For instance, Dhaundiyal said, while stocking up fairy lights that are very popular around Diwali each year—and are dominated by Chinese manufacturers—he was conscious of not going for the ones that had China on their tag. “There isn’t much variety [of Chinese fairy lights] available in the market anyway due to the supply chain being interrupted because of the virus. But out of whatever is available, shopkeepers are consciously picking the ones with the PRC tag instead of China,” he said.

While the trick may work, for now, experts believe it won’t be successful in the long-run.

“‘China’ is a contentious word in many nations. The ‘Made In PRC’ line will be back-alleyway route till PRC itself becomes controversial which will be soon,” said brand strategy expert Harish Bijoor. “In the current environment, there is no getting away from it for China.”

This change on the tag, in fact, is not a new trick.

The Made in PRC tags had appeared in India in 2017, too, when tension between India and China was at its peak due to the Doklam stand-off, according to Sodhi. “They have done it in the past and they are doing it again,” Sodhi said. And it is working because “consumers do not prefer Indian products as such, but they want to avoid buying a Chinese item.”

Several Chinese brands have in the past used the PRC label to navigate the popular sentiment that products from China are of poor quality.

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