Bond buyers make nice with Azzurra Aeroporti despite gloomy sector outlook

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By Mike Turner
21 Jul 2020

Azzurra Aeroporti, an acquisition vehicle that bought a majority stake in a French airport, made its debut in the bond markets on Tuesday, achieving decent demand despite some dire warnings emerging about the medium term future of industries linked to air travel.

The Baa3 rated issuer opened books on a €360m no-grow due May 2024 note at 260bp to 270bp over mid-swaps and a €300m no-grow due May 2027 at 300bp to 310bp over mid-swaps.

Azzurra had the euro market to itself, drawing in around €1.55bn of demand with a slight ...

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