Air Berlin swaps converts for high yield

November 03, 2010 12:00 am

Air Berlin, Germany’s second largest airline is demonstrating how small and mid sized companies can profit from falling borrowing costs and a buoyant high yield market. The carrier is issuing a Eu200m debut high yield bond that will take out an existing Eu125m convertible, due to mature in 2014, cutting coupon payments by 50bp on the new issue. On Friday EuroWeek will take a closer look at the refinancing opportunities of mid-sized firms in an environment of falling borrowing costs.

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