London—Dentons has advised Ryanair on the first bond issuance by a European airline since the start of the COVID-19 pandemic. 

The €850 million bond has an annual yield of 3% and matures in 2025. The bond issue was welcomed by investors with €4.4 billion worth of orders.  

Ryanair is one of Europe's largest airlines and currently serves over 200 destinations in 40 countries. Dentons recently advised the airline on its annual Euro Medium Term Note programme and its Revolving Credit Facility (RCF).  

Nick Hayday, partner in Dentons' Capital Markets practice in London, said, "This is a significant issuance by Ryanair against the backdrop of COVID-19, which has heavily impacted the airline sector. This deal was a great opportunity to bring together Dentons' expertise in both capital markets and the aviation sector for the benefit of our client."

John Norton, Group Treasurer of Ryanair commented "We are delighted with the level of investor enthusiasm for this bond issuance, which we see as a ringing endorsement of our financial management and business ambitions. Dentons have been by Ryanair's side on a number of financing deals, and their support on this important bond was very valuable." 

The Dentons team was led by Nick Hayday, assisted by associates Moeen Qayum, Niharika Khimji and senior associate Victoria Wyer.

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