Building on the success of its first 2017 bond issue Genève Aéroport launches a new ten-year CHF 100 million bond issue with a coupon of 0.310%. The maturity date will be 27 June 2029.
Genève Aéroport’s (GA) sound financial status demonstrates good resilience to traffic development, which is lower than the growths of the previous years. Moreover, the 2018 CHF 151 million investments are a historical record, with many major projects in the pipeline, including the East Wing for long-haul flights and the Baggage Logistics Center (BLC), replacing the current baggage sorting system. The latter project, estimated at CHF 280 million, will be completed by 2022. All operations will be maintained in the meanwhile. In view of the many projects under way, investments in 2019 are expected to reach CHF 200 million.
Thus, for the second time in its history, GA decided to finance itself on the capital market. The success of the first operation, launched in 2017, and the very favourable interest rate market prompted the autonomous public institution to repeat the operation, aimed at financing current and future investments. This bond issue is carried out jointly with Credit Suisse, Zürcher Kantonalbank and Cantonal Bank of Geneva.
The Genève Aéroport CEO, André Schneider, is pleased with this operation: “The good results of 2018, which generated a net profit of CHF 85.1 million, confirm this choice. Indeed, this capital raising will allow us to continue to welcome our passengers in the best conditions, to improve their comfort and safety, while limiting environmental impacts. In addition, the Sectoral Aeronautical Infrastructure Plan (SAIP) sheet, adopted last November by the Federal Council, sets out a specific framework for the infrastructure adaptation programme (passenger, baggage and aircraft flows). This bond issue will thus facilitate future investments, which will in turn allow for a controlled development of the airport, coordinated with the cantonal master plan”.
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Madeleine von Holzen,
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