SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

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.

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