Spread Research - AIR FRANCE KLM (AFFP) AIR FRANCE-KLM New Issue Comment

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Spread Research

AIR FRANCE-KLM New Issue Comment

â€‹The bond offered with a maturity of 6 years (2022) will fit well with AF-KLMâ€™s debt maturity schedule that is limited to â‚¬300m a year from 2022 (after between â‚¬1.0bn and â‚¬1.4bn per year until 2021). The new issue will strengthen AF-KLM already solid liquidity profile. We see some interest savings as the bond maturing this month has a coupon of 6.75% and price talk for the new bond is 3.875% - 4.00%. Based on 4.00% and a â‚¬300m issuance, it would save AF-KLM around â‚¬8m a year. However...

05/10/2016 7 EN

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AIR FRANCE KLM

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Spread Research

Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.

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AIR FRANCE-KLM New Issue Comment

Gamenet 2q18 - sport payout change offsets regulation impact, goldbet to boost profitability

INTRALOT- Special Comment

IQVIA- 2Q18 Comments

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