Genève Aéroport has successfully launched a new bond issue


18.02.2021

For the fourth time since 2017, Genève Aéroport has reiterated the launch of a bond issue with a volume of 180 million CHF for a coupon rate of 0.95% over a term of 10 years. The expected maturity date is 25 March 2031. This issue secures the financing of Genève Aéroport and guarantees the resumption of activities. This success is a clear sign of the continued confidence of the investors in the airport and in its capability to manage the crisis.

Genève Aéroport ended the year 2020 with a historic loss of 129.5 million CHF, compared to a profit of 84.1 million CHF in 2019. The Covid-19 health crisis, which is unprecedented since the end of World War II, has hit the airline industry hard. Air traffic has collapsed as a result of measures adopted throughout the year by governments to combat the spread of the virus. In 2020, Genève Aéroport’s income plunged to 191.2 million CHF against 494 million CHF.

In view of the prolonged crisis situation and the low levels of aeronautical and non-aeronautical revenues at the start of the year, Genève Aéroport launched for the fourth time - after 2017, 2019 and 2020 - a bond loan with a volume of 180 million CHF on a term of 10 years. This capital market financing was carried out jointly with Credit Suisse and UBS.

« Investors have shown a real interest in this issue which follows the announcement of the 2020 results. They have confirmed their confidence in our institution and our capacity for resilience beyond this major crisis. We are satisfied with the market's response and are delighted to be able to secure Genève Aéroport's cash requirements and organise favourable conditions for the resumption of activities », stated Aline Vaglio, Chief Financial Officer at Genève Aéroport.

This bond loan allows the airport to secure the financing of Genève Aéroport in order to guarantee the resumption of activities. It is in addition to other measures discussed with the owner, the Canton.

Genève Aéroport’s CEO, André Schneider, is delighted with these developments. « Despite the ongoing crisis, we are happy, with this new fundraising, to see the continued support of investors. Our capacity to face the crisis is strengthened. I remain convinced that we will bounce back and overcome this exceptional event which affects the entire planet. Genève Aéroport has a strong owner who supports us, the State. This represents a decisive advantage ».
 

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