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Aeroports de Paris (ADPFP; NR/A- Stable/BBB+ S) May Traffic

TRANSPORTATION
  • Group (including TAV & GMR airports) at 31.4m passengers (+8.4%yoy) in May , now 109.9% of 2019 levels (106.4% last qtr). YTD traffic up 10.1%.
  • Paris airports (CDG & Orly) at 9.1m (+2.5%), 98.5% of '19 levels (last qtr 93%). This month was weaker than YTD growth at 4.6% and last month's +7.2%.
  • Despite a downgrade to A- last week on French state uplift being removed, secondary has held flat to comp's and still offers sizeable spread pickup into now similar rated Melbourne, Sydney & Heathrow (all composite BBB+ rated). Switching continues to screen value.
  • ADP & Fraport do benefit from publicly traded equities and there has been no stopping the latter's unrated 8Y from heading another -19 in from pricing (no NIC, 1K denominations). ADP's new 7Y has not had the same success; priced 3bps through our FV/secondary and has since moved +12 out (not 1k denom).

Full traffic here.
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