Ryanair’s second Eurobond makes history

As noted on this news service yesterday, Ryanair’s second eight-year Eurobond transaction priced at a spread over mid-swaps of 67 basis points, after initial guidance of MS+80bps. The final coupon of 1.125% is the lowest ever Eurobond coupon in the airline sector for a tenor longer than five years and it is the lowest Eurobond coupon ever for an Irish corporate. It has the joint lowest Eurobond airline coupon ever (excluding convertible bonds) since Lufthansa also priced at 1.125% last year, but the tenor on the Lufthansa Eurobond was lower at five years and so not directly comparable. The mid-swaps