Delta Air Lines is in the market with a $450 million three-year unsecured notes issuance. The notes, which are rated Baa3, BB+, BBB- by Moody’s / S&P / Fitch, priced at 2.600% and are offered at 99.937% to par. The yield to maturity is 2.622% with a spread to US Treasuries plus 78 basis points. The notes will rank equally with Delta’s existing unsecured debt and proceeds will be used for general corporate purposes. This is Delta’s second unsecured issuance in 2017. Delta issued $2 billion in unsecured notes in March of this year, using the proceeds to contribute to

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