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Air France-KLM (NR, BB+, BBB-) Tender Results

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  • Tender totalled €452.7m (36% takeup) full amount accepted (tad above €450 limit).
  • €234.8m/31% of €750m 25s {ZP426727 Corp} was tendered/accepted & €217.9m/44% of the €500m 26s {BQ179423 Corp}.
  • Reminder tender was increased from €350m to €450m - likely to account for 5Y deal being upsized from €500 to €650m (4.3x cover, 30bp NIC).
  • We wouldn't rule out more supply from Air-France; particularly for refi-ing out the €3.5b in equity/hybrids (co reports it as 100% equity/S&P gives 0 treatment).
  • Airline new issues last week came with double digit NICs but have done well since helped by firm secondary curves & (perhaps) a sentiment boost on IAG/British Airways uplift into IG; AFFP29s -27 in vs. 20bp NIC, LHA28s -15 vs. 10bp NIC.
  • Finnair 29s (FOY) still left 2 wide of pricing, after giving a 30bp NIC - it's our only (light) screen cheap in the sector, noting the concentration risk to Finland/Helsinki airport on the name. Wizz26s screen cheap taken off on move into FV.
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  • Tender totalled €452.7m (36% takeup) full amount accepted (tad above €450 limit).
  • €234.8m/31% of €750m 25s {ZP426727 Corp} was tendered/accepted & €217.9m/44% of the €500m 26s {BQ179423 Corp}.
  • Reminder tender was increased from €350m to €450m - likely to account for 5Y deal being upsized from €500 to €650m (4.3x cover, 30bp NIC).
  • We wouldn't rule out more supply from Air-France; particularly for refi-ing out the €3.5b in equity/hybrids (co reports it as 100% equity/S&P gives 0 treatment).
  • Airline new issues last week came with double digit NICs but have done well since helped by firm secondary curves & (perhaps) a sentiment boost on IAG/British Airways uplift into IG; AFFP29s -27 in vs. 20bp NIC, LHA28s -15 vs. 10bp NIC.
  • Finnair 29s (FOY) still left 2 wide of pricing, after giving a 30bp NIC - it's our only (light) screen cheap in the sector, noting the concentration risk to Finland/Helsinki airport on the name. Wizz26s screen cheap taken off on move into FV.