October 09, 2024 11:10 GMT
TRANSPORTATION: Gatwick Funding (GATAIR Opco debt; Baa2 Pos/BBB+/BBB+) Guidance
TRANSPORTATION
Owned (in slight majority) by Vinci (A3/A-) and rest by GIP (PE)
€Bmrk 9Y Snr Sec SLB Guidance+130a vs. FV +120 (10bp NIC)
- -30bps in from IPT and books>€2.9b (still no size) - a warm welcome for its inaugural € issuance
- Gatwick is London's 2nd largest airport and nearly half exposed to budget carrier easyJet.
- We have excluded single-A airports including Royal Schiphol and Avinor below.
- We have left Aerports de Paris in given 1-notch higher on S&P and equal on Fitch + concerns on operating environment next year.
- Gatwick opco (GATAIR) trades flat to Heathrow Class A Opco (NR/BBB+/A-) in sterling - the same type of bonds issued in euros.
Recent notes here and here. Mandate notes from May here(we have had firm 1H results since).
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