Aer Lingus and British Airways-owner IAG raised €1.2 billion in a bond issue it said would help it survive a potentially longer than expected travel downturn. IAG, which is burning through about €185 million a week as a result of the pandemic, has been cutting costs while flying only 20 per cent of its normal capacity. Announcing final terms of the bond, IAG said on Friday that demand was higher than expected, enabling it to raise €1.2 billion, more than the €1 billion originally planned. Shares in IAG traded down 3.6 per cent at 207 pence at 1132 on Friday. Lufthansa and EasyJet have both tapped bond markets in recent months, with the German airline repaying a big portion of a government bailout after its latest €1.6 billion debt sale and EasyJet raising €1.2 billion in February.

Source: The Irish Times March 19, 2021 10:02 UTC