London—Dentons has advised Ryanair on a successful €1.2 billion bond issue. The €1.2 billion bond, with a record low annual yield of 0.875%, matures in 2026. The issuance received an enthusiastic response from investors and was heavily oversubscribed.

Ryanair is one of Europe's largest airlines and currently serves over 200 destinations in 40 countries. In September 2020, Dentons advised the airline in relation to an €850 million bond, the first issuance by a European airline since the start of the COVID-19 pandemic.  The team also advised Ryanair 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 keenly priced deal, which leveraged Dentons' capital markets and aviation expertise, is a testament to Ryanair's robust fiscal management and solid business model."

John Norton, Group Treasurer of Ryanair commented "This successful low cost bond issue is a clear indication that, despite the challenges of the past 12 months, investors see that Ryanair is perfectly placed to maximise opportunities on the path to recovery. Once again, we appreciated working in partnership with Dentons on this significant issue."

The Dentons team was led by Nick Hayday and assisted by associate, Niharika Khimji. Moeen Qayum was the lead associate on the annual Euro Medium Term Note programme and senior associate, Victoria Wyer, led on general finance advice.

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