Air France bonds slow to digest SLB target miss

Current market pricing suggests the short-dated SLB, the 7.25% 2026, has outperformed 0.2% in the past few days. This bond will now receive an increased 0.75% redemption at maturity.

The longer-dated SLB, the 8.125% 28s, does not appear yet to have reacted. The coupon step-up is worth c32bp running on this bond.

Bloomberg has not yet adjusted the payment terms for either bond.

About the authors

Josephine Richardson

Managing Director, Head of Research

Based in London, Jo leads AFII’s research and a global team supporting fixed income investors as they align their portfolios with climate and sustainability goals. She joined AFII after 18 years in fixed income markets at JPMorgan.

Emiel Loh

Emiel was formerly a Research Analyst at AFII.