Ryanair lands inside fair value to reopen European airline bonds

By Mike Turner
08 Sep 2020

Ryanair left parts of the corporate bond market ‘gobsmacked’ on Tuesday, as the first benchmark-sized new issue from an airline since lockdowns from Covid-19 battered the sector managed to reprice the issuer’s curve.

Irish budget airline Ryanair, rated BBB/BBB, opened books for the five year note at 3.75% via Barclays, BNP Paribas and Citigroup.

Given the lack of recent comparable deals from the sector, defining fair value was more of an art than a science, but the leads reckoned it to be ...

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