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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
INDS
PRCD
HTHROW
Heathrow Funding Ltd€500
1EMEA
Jun 9, 2026
currency
EUR
size (m)
500.000
maturity
Jun 11, 2039
type
Fixed to Floating
tenor
13.000
call
11.00
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Secured
moody's
-
s&p
BBB+
fitch
A-
size description
-
re-open/tap
No
ipt
MS+155 area
ipt-pxd
-30
guidance
n/a - straight to launch
spread
125
coupon
4.375%
spread set
-
price
99.93100
yield
4.383%
book size (m)
1,000
peak book (m)
1,600
x-covered
2
book attrition
-37.50%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,000
peak book (m)
1,600
x-covered
2
book attrition
-37.50%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 1000; Redemption: 2037-06-11; Registration: Reg S Only; Comments: DBR 4% 04/01/2037 @107.97, B+128.1bps HR 92%. MWC: B+20. LEI: 7TI96JO3DYEIQWZ7Z726;
Guarantor(s)
Heathrow Airport Ltd, Heathrow (AH) Ltd, Heathrow (SP) Ltd, Heathrow Express Operating Company Ltd
Use of Proceeds
General Corporate Purposes
Relative Value

COMPS

Ticker

Ratings

Cpn (%)

Issue Date

Maturity Date

Tenor

Amt (€)

I-Spd (bps)

HTHROW

NR / BBB+ / A-

1.13%

Mar-21

Oct-30

4.3y

500

70

HTHROW

NR / BBB+ / A-

1.88%

Jun-17

Jul-32

6.1y

500

82

HTHROW

NR / BBB+ / A-

4.50%

Jul-23

Jul-33

7.1y

650

101

HTHROW

NR / BBB+ / A-

1.88%

Mar-19

Mar-34

7.8y

650

106

HTHROW

NR / BBB+ / A-

3.88%

Jan-25

Jan-36

9.6y

600

110