P2F has nothing to do with replacing bonds.
Airlineexec companies that found expats leaving had quite often other reasons why pilots would leave "utopia".
European companies found that some pilots would renege on bonds. They therefore introduced upfront payments, which were REPAID over say 2 of 3 years. All the time the pilots would be on full time employment and paid a full salary. This is completely different to P2F schemes such as:
Getting v low hour pilots (including locals) to pay up front for a selection procedure, if successful to pay for the type rating and line training, with reduced salary for 6 months. At the end of which the pilot has 500 or less hours on type no job and is virtually unemployable! Oh and still has € 200, 000 debt after paying for initial training plus all the above.
Reducing the risk for airlines has changed into a revenue stream!