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Commentary & Deal Flow

UPDATE (BOOKS): Athens International Airport € bmk 7yr Sr Unsec; MS+135a

IGC European Market: Deal Flow - General

Issuer

Term

Maturity

Size

Ranking

Type

IPT

Athens International Airport

7yr

24-Jun-33

bmk

Sr Unsec

Fixed

MS+135a


Book Update: Books above €2bn (excl. JLMs)

IPTs: 7yr: MS+135a


  • Issuer: Athens International Airport S.A.
  • Issuer LEI: 213800BC45UCMQYR4995
  • Issuer ratings: Baa1 (stable outlook) by Moody’s / BBB+ (stable outlook) by S&P
  • Issue ratings: Baa2 by Moody’s / BBB by S&P
  • Ranking: Senior, Unsecured
  • Format: Reg S Bearer, New Global Note
  • Size: € Benchmark
  • Maturity: 24-Jun-33
  • Settlement date: 24-Jun-26 (T+5)
  • IPTs: MS+135 bps area
  • Coupon: Fixed, Annual, ACT/ACT (ICMA)
  • Optional Redemption: 3-month Par Call, Make Whole Call, Clean-up Call (75%) at Par, Tax Call at Par, Change of Control Put at Par, Concession Event Put at Par
  • UoP: Refinancing of existing indebtedness and general corporate purposes
  • Documentation: Preliminary Offering Circular dated 15-Jun-26
  • Denoms: €100k + €1k
  • Listing: Euronext Dublin (Global Exchange Market)
  • Governing Law: English law
  • Selling Restrictions: As set out in the Offering Circular
  • ISIN: XS3325244963
  • Joint Global Coordinators: Goldman Sachs Bank Europe SE (B&D), Morgan Stanley
  • Joint Bookrunners: AXIA, BofA Securities, Deutsche Bank, HSBC, J.P. Morgan, National Bank of Greece
  • Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties, professional clients (all distribution channels) and high net worth retail investors that are in a financial situation to be able to bear a loss of their entire investment in the Notes (via investment advice, portfolio management, non-advised sales and pure execution only). No EU PRIIPs key information document has been prepared as the Notes do not fall within the scope of EU PRIIPs. Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No DISC disclosure document has been prepared as the Notes will not be made available to retail in the UK.
  • DealRoadshow Link: https://dealroadshow.com/e/HORIZON2026
  • Timing: Today's business