Commentary & Deal Flow

International Consolidated Airlines Group S.A. (IAGLN) EUR1.2bn (up from 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 03/25 (T+5).

- EUR500m series A notes due March 25, 2025 (4y). NCL (MWC B+50bp), 3mo par call. 80% clean up call. ISIN: XS2322423455. IPT: 3.25% area. Px guidance: 3.00% area. Launched: EUR500m at 2.75%. Priced: 2.75% at 100. +344bp vs DBR 0.50% 02/15/25.

- EUR700m (up from EUR500m expected) series B notes due March 25, 2029 (8y). NCL (MWC B+50bp), 3mo par call. 80% clean up call. ISIN: XS2322423539. IPT: 4.25% area. Px guidance: 3.75%-4.00%. Launched: EUR700m at 3.75%. Priced: 3.75% at 100. +418bp vs DBR 0.25% 02/15/29.

At launch the combined books were in excess of EUR5.25bn, split EUR2.25bn 4y and EUR3bn 8y. Fixed income investor calls 03/16-17 (GS coordinated logistics). Books went subject at 1:30pm UKT 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.