Easyjet zooms back to bond market

By Mike Turner
24 Feb 2021

Easyjet, the UK budget airline, avoided any turbulence on its return to the bond market on Wednesday, managing to land a €1.2bn deal with no new issue premium that was almost five times oversubscribed.

Easyjet, rated Baa2/BBB- and printing through its Dutch subsidiary, opened books for a seven year (March 2028) euro benchmark at a yield of 2.375%, through BNP Paribas, Morgan Stanley and Santander.

Using yield instead of the market standard spread over mid-swaps is one way lead managers grab investors’ attention ...

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