Ryanair’s $194.3 million Ex-Im Bank prefunded guaranteed bond priced at a spread of mid-swaps + 65 bps (12.11 year final / 6.44 year WAL) for a coupon of 1.741%, This is the lowest spread for bond guaranteed by the Export-Import Bank of the United States to date. The transaction was over three times oversubscribed.
The proceeds will be used to finance seven new 737-800 aircraft scheduled for delivery from September through December.
Portmarnock Leasing LLC is the issuer of the secured notes.
Bookrunners on the deal were BNP Paribas and Citi.