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TRANSPORTATION: Heathrow (HTROW Opco Class A; NR/BBB+/A-) September Traffic

TRANSPORTATION
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  • +3%yoy in passenger numbers for Sept leaving Q3 at +4.2%yoy - slower than Q2 at 5.7% and YTD at 6.2%.
  • Delta was speaking highly of transatlantic yesterday (despite Atlantic yields falling -3%). It noted unit revenues reverted positive in September on a post-Olympics Paris traffic rebound (reminder unit revenues = load factors x yields) and is a positive sign.
  • Aeroports de Paris who runs the 2 largest airports there is yet to report September numbers - August was firm at +4.7% vs. YTD +3.9%.
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  • +3%yoy in passenger numbers for Sept leaving Q3 at +4.2%yoy - slower than Q2 at 5.7% and YTD at 6.2%.
  • Delta was speaking highly of transatlantic yesterday (despite Atlantic yields falling -3%). It noted unit revenues reverted positive in September on a post-Olympics Paris traffic rebound (reminder unit revenues = load factors x yields) and is a positive sign.
  • Aeroports de Paris who runs the 2 largest airports there is yet to report September numbers - August was firm at +4.7% vs. YTD +3.9%.