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TRANSPORTATION: IAG; FY24 results

TRANSPORTATION
Credit BulletsCEEMEAEurozoneSpainBullet

It finished the year doubling its 4Q EBIT and leaving FY EBIT margins as the highest in the sector now. It is nothing short of a stellar post-covid run from the British Airways and Spanish Iberia and Vueling parent. Unfortunately the strong BS governance we often flagged has backfired with it tendering down near half of its outstanding debt earlier this year - signs are continued deleveraging unless M&A (as expected given it tendered low coupon bonds). Confirms that means no refi supply for €500m 25s.

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It finished the year doubling its 4Q EBIT and leaving FY EBIT margins as the highest in the sector now. It is nothing short of a stellar post-covid run from the British Airways and Spanish Iberia and Vueling parent. Unfortunately the strong BS governance we often flagged has backfired with it tendering down near half of its outstanding debt earlier this year - signs are continued deleveraging unless M&A (as expected given it tendered low coupon bonds). Confirms that means no refi supply for €500m 25s.

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