Air France-KLM convert flies after lengthy supply drought

Air France-KLM, the Franco-Dutch airline, on Wednesday issued a new €500m convertible bond due in 2026. The deal was repriced in the issuer’s favour after long-only convertible funds piled in, following a drought of new supply this year.

  • By Aidan Gregory
  • 20 Mar 2019

By the time the trade was priced in the late afternoon on Wednesday, it was over eight times covered, according to two bankers involved. There were over 200 lines in the book and the leads had to cap orders at €50m per fund.

“We are very happy and ...

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All International Bonds

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1 JPMorgan 192,079.22 851 8.17%
2 Citi 181,567.62 744 7.72%
3 Bank of America Merrill Lynch 152,466.12 623 6.48%
4 Barclays 142,653.63 569 6.06%
5 HSBC 120,106.34 625 5.11%

Bookrunners of All Syndicated Loans EMEA

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1 Credit Agricole CIB 21,924.17 77 8.18%
2 BNP Paribas 19,758.95 84 7.38%
3 Bank of America Merrill Lynch 17,614.25 49 6.58%
4 Deutsche Bank 12,953.29 48 4.84%
5 UniCredit 12,369.61 66 4.62%

Bookrunners of all EMEA ECM Issuance

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1 Morgan Stanley 6,404.49 28 10.34%
2 JPMorgan 5,770.67 35 9.31%
3 Goldman Sachs 5,595.50 27 9.03%
4 UBS 4,134.32 20 6.67%
5 Citi 4,045.71 28 6.53%