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TRANSPORTATION: Air Portugal: does a private placement tap at heavy discount

TRANSPORTATION
BulletCredit BulletsNorth America

(TAPTRA unsecured; Ba3/BB- Stable) (government owned, tabled for privatisation, S&P +1 uplift)

  • It has done a private €200m tap into the existing €400m 29s at €102.75/4.467% - a hefty -1.95pt/+60bp discount to yesterday's close. UoP is left general. It's had an impressive +4.5pt run since pricing 4-months ago but is -0.6pt/+20bps cheaper today.
  • S&P has reaffirmed ratings today and noted the €343m cash contribution from the gov. in January.
     
  • IAG, Lufty and Air-France continue fighting over it, unclear if Portuguese government will offload a majority to them. Macron was in country speaking on the matter last week.
  • IAG and majority stake will be most favourable for credit (in our view).
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(TAPTRA unsecured; Ba3/BB- Stable) (government owned, tabled for privatisation, S&P +1 uplift)

  • It has done a private €200m tap into the existing €400m 29s at €102.75/4.467% - a hefty -1.95pt/+60bp discount to yesterday's close. UoP is left general. It's had an impressive +4.5pt run since pricing 4-months ago but is -0.6pt/+20bps cheaper today.
  • S&P has reaffirmed ratings today and noted the €343m cash contribution from the gov. in January.
     
  • IAG, Lufty and Air-France continue fighting over it, unclear if Portuguese government will offload a majority to them. Macron was in country speaking on the matter last week.
  • IAG and majority stake will be most favourable for credit (in our view).