Advanced Theory & Practice of Bonds

IBF Recognized Under FTS
1-2 December 2021

Two-day immersive course on bonds designed for private bankers and advisors. 90% funding* available to eligible company-sponsored candidates.

London’s Gatwick Airport launched a new junk bond offering denominated in sterling on Monday. Gatwick is looking to raise £400mn via a 5Y bond at a yield of 4.75-5.00%, as per Bloomberg. One of Europe’s busiest airport, Gatwick plans to use proceeds from the bond issue to survive through another summer without major travel. As per S&P, the airport’s passenger numbers are expected to end the year at just 40% of 2019 levels. Gatwick is not rated by any of the three major rating agencies; its Class A debt however is rated BBB by S&P. The yield on offer on the new bonds is juicier compared to peer Heathrow (Ba2), whose GBP 6.25% 2025s and 4.375% 2027s are currently yielding 3.58% and 3.99% on the secondary market.

For the full story, click here

Show Buttons
Hide Buttons