Seats to upright as Lufthansa helps airline bonds take off

By Owen Sanderson
25 Nov 2020

Deutsche Lufthansa decisively showed that bondholders will buy airline credit once again, without relying on extra security, extra upside or anything other than a broad-based mood of credit euphoria that is sending risk assets soaring.

The German flag carrier announced a long five year bond on Monday, with Credit Suisse, Deutsche Bank, Morgan Stanley and UniCredit at the helm.

The deal, rated Ba2/BB-, was offered in Reg S only format from Lufthansa’s existing EMTN shelf, and stuck to an investment grade-style execution — ...

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