Ryanair launches second Eurobond

Dino D'Amore
By Dino D'Amore March 3, 2015 15:01

Ryanair launches second Eurobond

Ryanair has launched a new benchmark eight-year Eurobond transaction. Price talk has been announced at around MS+80bps – pricing is expected later today.  This latest issuance is part of Ryanair’s broader €3bn Euro Medium Term Note programme (EMTN). Citibank is an active bookrunner and Billing & Delivering agent on the transaction. BNP Paribas and Credit Agricole CIB are bookrunners.

Ryanair, rated BBB+ by Standard and Poor’s and Fitch, debuted an €850million seven-year Eurobond in June 2014. That bond was eight times oversubscribed and raised a staggering €6 billion order book but was closed at €850 million from an initial launch of €500-750 million. The deal priced at midswaps +85 basis points (initial guidance was released at the 100bp area), and carried a coupon of 1.875%. The global coordinator for the June 2014 bond was Citibank and the joint book runners were BNP Paribas, Citibank, and Deutsche Bank.

Ryanair is accessing the debt capital markets to source low cost financing for its new 180 Boeing 737-800 NG order, deliveries of which started in September 2014.

Ryanair was awarded the Aviation 100 European Deal of the Year for its first seven-year Eurobond.

Dino D'Amore
By Dino D'Amore March 3, 2015 15:01