HONG KONG (BLOOMBERG) - They are both critically important to their domestic economies, highly regarded by customers and totally reliant on international travel. They are also in deep financial strife and shedding thousands of jobs because of the coronavirus crisis.

Cathay Pacific Airways and Singapore Airlines (SIA) have stood out for over half a century as aviation powerhouses, prestigious brands atop a lucrative market fueled by Asia's economic boom. The pandemic has severely hurt the pair, but Hong Kong-based Cathay is likely in a tougher spot, analysts say.