Easyjet zooms back to bond market

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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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