ENXTPA:AFAirlines
Is Air France-KLM (ENXTPA:AF) Using Cheaper Debt To Quietly Reset Its Balance Sheet Strategy?
In January 2026, Air France-KLM placed €650 million of 5-year senior unsecured notes under its Euro Medium Term Notes program at a fixed 3.875% annual coupon and 4.033% yield, extending the average maturity of its debt.
The issue drew more than 150 institutional orders and a very large peak orderbook, enabling the company to secure its lowest-ever credit spread and upsize the deal while planning to redeem higher-coupon sustainability-linked bonds.
We will now examine how this successful €650...