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TRANSPORTATION: Air France-KLM; FY24 Results (x2)

TRANSPORTATION

(NR/BB+/BBB-) (Equiteis +21%)

An edit we do see supply coming - if not for the matured €500m Jan line, for hybrid refi (into normal bonds). It has a €500m 2022 issued hybrid on a 6% coupon that will step-up in July - it can redeem them at any time from then and indication in earnings call is it will refi.

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(NR/BB+/BBB-) (Equiteis +21%)

An edit we do see supply coming - if not for the matured €500m Jan line, for hybrid refi (into normal bonds). It has a €500m 2022 issued hybrid on a 6% coupon that will step-up in July - it can redeem them at any time from then and indication in earnings call is it will refi.

Keep reading...Show less