October 29th 2020: As the second wave of the pandemic rises, underlying indicators across the industry point to the shape of things to come in 2021, the first year of the new reality in aviation finance. We provide an overview of investment experiences so far this year, as airline and lessor share prices continue to fall. With Investor focus on airlines shifting from analysing revenue and profit trends to monitoring liquidity and cash flows a key metric for investment analysts is how many months can airlines exist in prevailing revenue conditions without resorting to additional liquidity measures.