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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
INDS
PRCD
LHAGR
Deutsche Lufthansa AG€750
1EMEA
May 19, 2026
currency
EUR
size (m)
750.000
maturity
Jan 27, 2032
type
Fixed
tenor
5.700
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa3
s&p
BBB-
fitch
BBB-
size description
-
re-open/tap
No
ipt
MS+140-150
ipt-pxd
-35
guidance
n/a - straight to launch
spread
110
coupon
4.125%
spread set
-
price
99.87900
yield
4.153%
book size (m)
2,400
peak book (m)
2,650
x-covered
3.2
book attrition
-9.43%
nic
-
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
book size (m)
2,400
peak book (m)
2,650
x-covered
3.2
book attrition
-9.43%
nic
-
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
Tranche Comments
Book size: 2400; Registration: Reg S Only; Comments: DBR 0 02/15/32 + 122.8 (px 84.75). HR 105. Tax Call: Yes. Par Call: 3m. CoC: Yes. Clean-Up Call: 75%. LEI: 529900PH63HYJ86ASW55;
Use of Proceeds
General corporate purposes including repayment of existing debt
Relative Value

COMPS

Lufthansa (LHAGR) Bonds

Bond

Rating (M/S&P/F)

Issue Dt.

Amt.

Tenor

I-Spread

Denoms

LHAGR 3.625 9/28

- / BBB- / BBB-

Sep-24

€500mm

2.3yr

ms+43bp

€1k+1k

LHAGR 3.500 7/29

Baa3 / BBB- / BBB-

Jul-21

€500mm

3.2yr

ms+71bp

€100k+100k

LHAGR 4.000 5/30

Baa3 / - / BBB-

May-24

€750mm

4.0yr

ms+70bp

€1k+1k

LHAGR 4.125 9/32

- / BBB- / BBB-

Sep-24

€500mm

6.3yr

ms+96bp

€1k+1k

Recent Low BBB Supply

Bond

Rating (M/S&P/F)

Issue Dt.

Amt.

Tenor

I-Spread

Denoms

ELISGP 3.875 3/32

Baa3 / - / -

Mar-26

€600mm

5.9yr

ms+99bp

€100k+100k

HUHTAM 3.875 5/32

- / BBB- / -

May-26

€300mm

6.0yr

ms+105bp

€100k+1k

SIGCBL 4.000 4/31

Baa3 / BBB- / -

Apr-26

€500mm

4.9yr

ms+107bp

€100k+1k

SRTGR 3.750 5/31

- / BBB- / -

May-26

€500mm

5.0yr

ms+87bp

€100k+100k