For the third time since 2017, Genève Aéroport has issued a bond worth 300 million CHF with a coupon of 1.050% over three years. The maturity date will be 26 May 2023, enabling activity to resume at Genève Aéroport while securing airport funding.
Genève Aéroport closed 2019 with a net profit of 84.1 million CHF. Investment reached the historic level of 232 million CHF with major construction work including the East Wing, destined for long-haul flights, and the new Baggage Logistics Centre, scheduled to be completed by 2022 while still operating on a daily basis.
Given the drop in air traffic and anticipating the indispensable resumption of airport activities for International Geneva and the region, Genève Aéroport has issued, for the third time (2017 and 2019), a bond worth 300 million over three years. The operation to obtain finance on the capital market was conducted jointly with Credit Suisse, Zürcher Kantonalbank and Banque Cantonale de Genève.
«This bond was considered attractive to investors, who expressed confidence in our institution. We are pleased to have taken advantage of this market opportunity»,
stated Aline Vaglio, Chief Financial Officer at Genève Aéroport. The bond issue has enabled funding to be secured for Genève Aéroport so that the airport can resume its activities. Indeed, the sharp fall in air traffic – limited to just 20 or so movements a day and a few hundred passengers at the moment – has led to a significant drop in aeronautical and non-aeronautical (shops, restaurants, car parks) revenue.
André Schneider, Director General of Genève Aéroport, is delighted with the operation:
«In 2019, the airport achieved a net profit of 84.1 million CHF and conducted over 270 projects. Fundraising has most importantly enabled us to increase Genève Aéroport’s liquidity, while ensuring its activities resume and construction work continues, like the new Baggage Logistics Centre, scheduled for 2022, and the East Wing, destined for long-haul flights, which will open in 2021. I am convinced that we will bounce back to overcome this exceptional event, which is affecting the whole planet. Genève Aéroport is backed by a powerful owner, the State, a key asset».
Madeleine von Holzen, Spokesperson
+41 22 717 70 13