All of the major US airlines did exactly this. https://www.marketwatch.com/story/airlines-are-using-frequent-flyer-programs-to-sell-debt-heres-how-it-works-116

All of the major US airlines did exactly this. https://www.marketwatch.com/story/airlines-are-using-frequent-flyer-programs-to-sell-debt-heres-how-it-works-11600285585 https://www.marketwatch.com/story/airlines-are-using-frequen... Or am I misunderstanding your comment?