Ryanair to land new bond despite Brexit headwinds
Ryanair capitalised on favourable rates to raise 750m in the bond market on Wednesday after CEO Michael O'Leary announced profit losses and a challenged outlook ahead of Brexit. Ryanair returned to the bond market for the first time in nearly two years, just days after announcing a 8% drop in its Q3 profits, which it attributed to the sharp decline in sterling following Britain's vote to leave the EU. "We expect sterling to remain volatile for some time and we may see a slowdown in economic growth in both the UK and Europe as we move closer to Brexit," Ryanair's CEO Michael O'Leary said Monday. The airline started marketing a euro benchmark 6.5-year deal at initial price thoughts of 105-110bp over mid-swaps, before guidance was later set at plus 95bp area. Final levels were announced at plus 92bp for an expected 1.25% coupon, on orders of around 3b.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-02-09/unaligned/ryanair-to-land-new-bond-despite-brexit-headwinds
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Ryanair to land new bond despite Brexit headwinds
Ryanair capitalised on favourable rates to raise 750m in the bond market on Wednesday after CEO Michael O'Leary announced profit losses and a challenged outlook ahead of Brexit. Ryanair returned to the bond market for the first time in nearly two years, just days after announcing a 8% drop in its Q3 profits, which it attributed to the sharp decline in sterling following Britain's vote to leave the EU. "We expect sterling to remain volatile for some time and we may see a slowdown in economic growth in both the UK and Europe as we move closer to Brexit," Ryanair's CEO Michael O'Leary said Monday. The airline started marketing a euro benchmark 6.5-year deal at initial price thoughts of 105-110bp over mid-swaps, before guidance was later set at plus 95bp area. Final levels were announced at plus 92bp for an expected 1.25% coupon, on orders of around 3b.<br/>
