Aena, the Spanish state-owned airport infrastructures management leader, has registered a new ECP (Euro Commercial Paper) programme of €900 million in AIAF, BME’s main regulated Fixed Income market. This programme, which is under English Law, will allow the company to issue short-term debt with maturities up to 364 days.
Aena is the world’s number one airport operator in terms of passenger traffic. Over 263 million passengers passed through Spanish airports in 2018. Its activity is structured around two business segments; regulated business (aviation activities) and non-regulated business (Commercial services, Real Estate services and the International Area).
The company manages 46 airports and 2 heliports in Spain and has direct and indirect shares in another 17 airports: one in Europe (London Luton airport, of which it owns 51% of the share capital) and 16 in LATAM (12 in Mexico, 2 in Colombia and 2 in Jamaica).
The Company has been listed on the Ibex 35 since June 2015. And since February 2015 its shares have been listed on the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges.
Aena has a A3, stable outlook rating by Moody’s and an A, stable outlook by Fitch. On the short-term, Fitch assigned the Company an F1 rating.
As of 2018 the Company had total revenues of €4.320 million and an EBITDA of €2.657 million.
Commercial Papers are an efficient source of funding
Commercial Papers are short-term money-market securities used as a funding source by financial institutions, as well as governments, supranational agencies and mid and large corporations.
For corporate issuers, Commercial Papers are an extremely efficient funding source, that is complementary to banking facilities and credit lines. It is an efficient working capital solution via Debt Capital Markets.
Commercial Papers are issued under a shelf programme, that has an annual validity (renewable) and a predetermined maximum outstanding size. Notes under a CP programme may be issued at a discount or at a premium, they may bear fixed or floating rate interest. Although CPs, most usually, carry an implicit coupon, they are issued at discount and mature at par (100%)
Maturity of Notes ranges from 3 days to 24 months for Pagarés Programmes and from 1 to 364 days for ECP (European Commercial Paper Programmes).
Commercial Papers are multi-currency instruments that can be issued in different currencies; predominantly in EUR, USD, CHF and GBP. They have a minimum denomination of €100K and are intended for wholesale institutional investors, both national and international.
Source: Aena (See the entire post)