Athens Airport issues 500 million euro bond for debt refinancing

Athens International Airport (AIA) is launching a 500 million euro bond issuance aimed at refinancing its current debt. The move seeks to reduce borrowing costs and diversify its funding sources beyond Greek banks.

The bond is anticipated to achieve a BBB rating from S&P Global Ratings and a Baa2 from Moody’s Investors Service, ratings that surpass that of the Greek state. Market sources indicate the target yield for the issuance is below 4%. The majority of the funds raised will be used to repay existing loans with higher servicing costs.

Given AIA's strong, stable, and predictable cash flows, coupled with Greece's popularity as a tourist destination and its macroeconomic stability exceeding the European average, the bond issuance is expected to be oversubscribed. This issuance is aimed at the European investment community and will not be traded on the Greek stock exchange, likely listing on a foreign market such as Dublin.

The bond issuance is separate from AIA's expansion plans, which are fully funded until at least 2028. The bonds will be senior unsecured, carry a fixed interest rate, and have a seven-year maturity, expiring in 2033. Goldman Sachs Bank Europe SE and Morgan Stanley Europe SE are acting as joint global coordinators, with a syndicate of other financial institutions managing the book building process, which began on June 15, 2026.