Heathrow lands bonds before rival Gatwick

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By Mike Turner
30 Mar 2021

London’s Heathrow Airport flew into the investment grade bond markets again on Tuesday, while its rival Gatwick Airport was marketing a high yield issue.

Heathrow, rated BBB+/A-, wasted little time in execution: after opening books on the October 2030 (9.5 year) euro benchmark class ‘A’, it fixed the spread at the first update.

Bank of America, BNP Paribas, Deutsche Bank, Lloyds Bank and Morgan Stanley ran the deal.

“They obviously saw an opportunity ...

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