Gatwick Airport boosts size of sub debt debut

By Owen Sanderson
31 Mar 2021

Gatwick Airport brought its debut subordinated bond to market this week, a high yield issue raised from its holding company that found investor demand for more than three times the deal size, and that was priced at the tight end of talk.

Unlike Heathrow, Gatwick had yet to access subordinated funding from outside its operating company, instead relying on class A secured debt from within its ring-fenced Gatwick Funding vehicle.

But, like all airports, it has had a terrible year — passenger numbers in the fourth quarter of 2020 were ...

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