Commentary & Deal Flow

+++Updates with Moody's rating confirmed and expected size+++

International Consolidated Airlines Group S.A. (IAGLN) EUR benchmark size (EUR1bn expected) Reg S sr notes 2-part. B1/BB (negative/negative). Via GS/Bank Europe/MS/MS (B&D)/BBVA/Santander jt glocos/jt lead books; BofA/CA passive books, MUFG, NatWest, StanChart as co-managers. Annual pay (ACT/ACT). List Dublin. English law. Settles T+5.

- EUR benchmark size (EUR500m expected) series A notes due March 2025 (4y). NCL (MWC), 3mo par call. 80% clean up call. ISIN: XS2322423455. IPT: 3.25% area.

- EUR benchmark size (EUR500m expected) series B notes due March 2029 (8y). NCL (MWC), 3mo par call. 80% clean up call. ISIN: XS2322423539. IPT: 4.25% area.

Fixed income investor calls 03/16-17 (GS coordinatied logistics). Books are open. Pricing today. UOP: GCP, including but not limited to strengthening IAG’s balance sheet and liquidity position. Biz: international passenger and cargo transportation service holding company operating British Airways, Iberia, Aer Lingus, Vueling & LEVEL brands. HQ: Hounslow, UK.