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 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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