IAG : New 2030 bond
IAG was back into the bond market last week through the issuance of a € 500m 5Y unsecured bond priced at MS+103bps (i.e. a yield of 3.4%), which is at the lower end of the price guidance (MS+103-107bps) and tighter than the IPT (MS+135bps). Proceeds from the transaction will be used for general corporate purposes, including funding the tender offer launched in parallel to redeem any or all of its outstanding 2027 and 2029 bond. The impact from the transaction on the company’s net leverage is neutral, but it is positive in terms of ICR given that the coupon of the new bond is lower than the weighted average of the outstanding 2027 and 2029 notes. We expect the amount under the 2029 notes that was not validly tendered to be redeemed at par in the short term.International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.
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