Related Issuers
by Stephen Carter
Jan 09, 2023 11:56 AM ET
Air France-KLM (AFFP) EUR1bn (from EUR800m-1bn and up from EUR600m minimum) Reg S only, bearer, dematerialized sr sustainability-linked notes 2-part. Not rated. Via DB/HSBC (B&D)/Natixis/SocGen jt-glocos/CA active jt books. Natixis S-L advisor. Off the EMTN programme. List Euronext Paris. French Law. Annual pay (Act/Act), short first coupon. Settles 01/16 (T+5).
- EUR500m (from EUR400-500m and up from EUR300m minimum)) due 05/31/26 (long 3y). NCL (MWC B+50bp, 1mo par call, 75% clean-up call). ISIN: FR001400F2Q0. IPT 7.75% area. Price guidance: 7.50% area. Final terms: EUR500m at 7.375%. Priced: 7.25% at 99.697, yield 7.375%. +506.2bp vs OBL 0% 04/10/26.
- EUR500m (from EUR400-500m and up from EUR300m minimum) due 05/31/28 (long 5y). NCL (MWC B+50bp, 3mo par call, 75% clean-up call). ISIN: FR001400F2R8. IPT 8.50% area. Price guidance: 8.375% area. Final terms: EUR500m at 8.25%. Priced: 8.125% at 99.547, yield 8.25%. +604.4bp vs DBR 0.5% 02/15/28.
SPT: Greenhouse Gas intensity reduction by 10% by 2025 from a 2019 baseline - its SPT 1.1 (a step-up/premium trigger event will occur if the issuer fails to reduce, by the Target Observation Date of 12//31/25, its GHG emission intensity (metric tons of CO2 equivalent per Revenue Tonne Kilometer (gCo2e/RTK)) by 10% (baseline FY2029). Step-up/premium payment: 3y +75bp at maturity; 5y +37.5bp step up coupon from 05/31/27.
Did investor calls last Thursday-Friday. Booksize around EUR2.55bn (3y around EUR1.4bn and 5y around EUR1.15bn) (from EUR1.5bn at IPT). UOP: GCP, including partial repayment of the EUR2.5bn remaining (EUR4bn original size) on the French State gtd sr bank loan granted in May 2020 (PGE). Biz: provides international air transportation services. HQ: Paris, France.