Related Issuers
by Stephen Carter
Feb 04, 2021 11:25 AM ET
Deutsche Lufthansa AG (LHAGR) EUR1.6bn Reg S bearer sr notes 2-part. Expect Ba2/BB-. Via Barc/BofA/JPM (B&D)/SocGen joint active books; DZ Bank/LBBW/MUFG/NatWest joint passive books. Annual pay (Act/Act). List Lux. German law. Settles 02/11 (T+5). Denoms: 100x100.
- EUR750m due 02/11/25 (4y). NCL (1mo par call) (tax call, 80% clean-up call). ISIN: XS2296201424. IPT: 3.375% area. Px guidance: 3.125% area (+/-0.125%). Launch: EUR750m at 3.00%. Priced: 2.875% at 99.535, yield 3.00%. +372.2bp vs OBL 0% 10/24. ms+345.3bp .
- EUR850m due 02/11/28 (7y). NCL (3mo par call) (tax call, 80% clean-up call). ISIN: XS2296203123. IPT: 4.25% area. Px guidance: 4.00% area (+/- 0.125%). Launched: EUR850m at 3.875%. Priced: 3.75% at 99.246, yield 3.875%. +450.5bp vs DBR 0.5% 02/28. ms+417.2bp.
Combined orderbooks were in excess of EUR3.1bn (at guidance, pre-rec with skew to 7yr). Run off the IG desk. UOP: GCP, repay the Covid-related German State Aid Package. Biz: passenger and cargo airline. HQ: Cologne, Germany.