AIR FRANCE-KLM New Issue Comment

​The bond offered with a maturity of 6 years (2022) will fit well with AF-KLM’s debt maturity schedule that is limited to €300m a year from 2022 (after between €1.0bn and €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 €300m issuance, it would save AF-KLM around €8m a year. Howev...