Transportes Aereos Portugueses SA (TAP) (TAPTRA)

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Transportes Aereos Portugueses SA (TAP) (TAPTRA)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
HYC	INDS	PRCD	TAPTRA	Transportes Aereos Portugueses SA (TAP)	€350		1	EMEA	Jun 18, 2026

Tranche #1Transportes Aereos Portugueses SA (TAP)

currency

EUR

size (m)

350.000

maturity

Jun 30, 2031

type

Fixed

tenor

5.000

call

registration

Reg S Only

benchmark

DBR

ranking

Sr. Unsecured

moody's

Ba3

s&p

BB-

fitch

size description

re-open/tap

Yes

ipt

Mid 5%s

ipt-pxd

-62.5

guidance

5.00%-5.25%; Final: 4.875%-5.00% area

spread

221

coupon

4.75%

spread set

price

99.44951

yield

4.875%

book size (m)

peak book (m)

x-covered

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

peak book (m)

x-covered

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche Comments

First Pay: 2026-12-30; Registration: Reg S Only; Comments: MWC: B+50. CoC: 101%;

Deal Comments

The deal was upsized from EUR300m to EUR350m

Use of Proceeds

General Corporate Purposes

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	PRICED: TAP €350m 5yr sr notes 4.75% at 99.44951, yield 4.875%	Jun 18, 2026
	FINAL PX TALK: TAP €350m 5yr sr notes; 4.875-5.00%, pxg today	Jun 18, 2026
	PX TALK/UPSIZE: TAP €350m 5yr sr notes; 5.00-5.25%, pxg today	Jun 18, 2026
	IPT: TAP €300m 5yr sr notes; mid 5s, pxg today	Jun 18, 2026
	NEW ISSUE: TAP €300m 5yr sr notes on the road	Jun 17, 2026

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Transportes Aereos Portugueses SA (TAP) (TAPTRA)

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Deal Flow