Business
Ryanair lands $1 billion as European airline bonds begin to take off
AMSTERDAM (Reuters) – Ryanair (RYA.I) sold an 850 million euro ($1 billion) bond on Tuesday, its first in three years, in a sign that European debt markets are starting to reopen to airlines, which were crippled by the coronavirus crisis.
The sale by Europe’s largest low-cost carrier is the second by an airline in Europe since the COVID-19 pandemic after majority state-owned Finnair (FIA1S.HE) issued a hybrid bond, which combines debt and equity features.
Investors put in 4.4 billion euros of orders for the bond, more than five times the amount Ryanair was seeking to raise, a lead manager memo seen by Reuters showed.
Ryanair’s balance sheet, one of the strongest in the industry with more than 3.9 billion euros of cash at June 30 and aircraft worth about 7 billion euros, was behind investor demand, analysts said.
It also raised 400 million euros from shareholders last week.
“Ryanair is in a better place, therefore it’s going to be easier for it to get the financing it wants,” Azhar Hussain, head of global credit at Royal London Asset Management, said.
It is one of three airlines, together with easyJet and Southwest Airlines, that still holds investment grade ratings, ratings agency S&P said in August, noting all three are low-cost carriers.
Many airlines, including Lufthansa (LHAG.DE) and British Airways owner IAG (ICAG.L) saw their credit ratings cut to “junk” status during the pandemic.
S&P said it considers Ryanair to be one of the financially strongest airlines as it removed its ‘BBB’ rating – two notches above junk – from ‘credit watch’ on Monday, making an imminent downgrade less likely.
Ryanair’s bond, pricing at a yield of 3%, will pay a coupon of 2.875%, the lead manager said.
That is more than double what Ryanair paid for longer debt in 2017, but a fraction of the yields of more than 12% which its bonds hit in March.
Though slowly picking up, bond issuance by European airlines has lagged the United States, where companies including Delta (DAL) and American Airlines (AAL.O) have raised at least $36 billion since March, ABN AMRO data shows, although many have had to offer investors security over their assets.
“To me (Ryanair) says that the door is wide open for deals,” Daniel Ender Aizencang, ABN AMRO fixed income strategist, said.
Still, European borrowing costs remain elevated compared to pre-coronavirus levels, keeping some away.
IAG agreed a rights issue on Tuesday after it was told by bankers that a debt and convertible issue it considered in July would be too expensive.
Ryanair, which hired Barclays, BNP Paribas and Citi to manage the sale, will use part of the proceeds to refinance an 850 million euro bond due in June 2021, a banker who worked on the deal said.
($1 = 0.8478 euros)
Reporting and photo: Reuters
Business
Barcelo Nasandhura Malé to open in Q1 2025
Barcelo Nasandhura Malé, the Maldives’ newest luxury destination, is set to open its doors in Q1 2025.
Located on the site of the former Nasandhura Palace Hotel, the property will become the largest hotel in the capital, Malé. With 136 elegantly designed rooms, including 95 with stunning ocean views, and 116 luxurious serviced apartments, Barcelo Nasandhura Malé promises a unique blend of sophistication, comfort, and convenience in the heart of this vibrant city.
Operated by the renowned Spanish hotel chain Barcelo Group, the hotel represents a significant expansion of the brand’s presence in the Maldives and beyond. Barcelo Group, known for its exceptional resorts, recently opened Barcelo Whale Lagoon Maldives in South Ari Atoll in August 2024, further solidifying its growing portfolio in the region. In addition to its Maldivian properties, Barcelo Group manages a range of high-profile hotels across the UAE, Thailand, and several European countries.
Barcelo Nasandhura Malé will feature an array of premium facilities, including four upscale dining outlets, a rooftop shisha bar, an oceanfront pool, a state-of-the-art gym, and a luxurious spa. The hotel will also boast 1,034 square meters of versatile MICE (Meetings, Incentives, Conferences, and Exhibitions) space, making it an ideal venue for corporate events and gatherings.
While some serviced apartments were initially intended for residential use, they will now be available for daily rental, offering guests enhanced flexibility and a wider range of accommodation options. Originally scheduled to open on December 1, 2024, the opening has been slightly delayed due to minor construction work. However, the team remains committed to ensuring Barcelo Nasandhura Malé is ready to welcome its first guests in Q1 2025.
Barcelo Hotel Group, awarded World’s Leading Hotel Management Company 2023 by the World Travel Awards, is the second-largest hotel chain in Spain and ranks among the 30 largest globally in terms of the number of rooms. Founded in 1931, this family-run organisation operates 280 four- and five-star city and holiday hotels, offering more than 62,000 rooms across 25 countries. The group markets its hotels under four distinct brands, each focused on providing diverse and memorable travel experiences.
Renowned for its commitment to excellence and sustainability, Barcelo Hotel Group delivers exceptional stays, seamlessly blending luxury, comfort, and environmental responsibility.
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Denise Hoefer brings world-class Padel to The Nautilus Maldives
As part of its ‘Masters for Masters’ series, The Nautilus Maldives will host Denise Hoefer, Germany’s No. 1 padel player and one of the world’s top 50 most influential figures in the padel industry, for an exclusive Padel Masterclass from March 22 to 25, 2025. This exceptional event invites guests to enhance their padel skills under the expert guidance of a global champion, all set against the stunning backdrop of the Maldives’ Indian Ocean.
Padel, recognised as the world’s fastest-growing sport, has captured the hearts of 30 million enthusiasts globally, according to the International Padel Federation. This March, The Nautilus will provide a unique opportunity for guests to immerse themselves in this thrilling game during a four-day Padel Masterclass led by Denise Hoefer, Germany’s top-ranked female padel player and captain of the German national team. Participants will refine their techniques on The Nautilus’s state-of-the-art padel court, while experiencing the island’s signature blend of world-class coaching and timeless, unscripted hospitality.
The Padel Masterclass will feature a tailored mix of group and private sessions, catering to players of all levels. Younger participants will have the chance to join the Young Wonderers program, offering specially designed classes that introduce the sport in a fun and engaging way. After an energising day on the court, guests can unwind at Solasta Spa, where exclusive treatments by Maison Caulières—such as Spinal Connection Deep Tissue Healing, Volcanic Stone Therapy, and Warm Poultices—promise ultimate relaxation and rejuvenation. These tranquil spa experiences provide a perfect complement to the day’s dynamic activities, leaving participants refreshed and revitalised.
With just 26 ultra-luxury houses and residences, The Nautilus offers an intimate sanctuary within the Baa Atoll, a UNESCO Biosphere Reserve. Surrounded by powder-soft white sands, vibrant coral reefs, and crystal-clear waters, this private island retreat redefines bespoke hospitality. Every element is meticulously crafted to inspire, offering guests an unparalleled ultra-luxury experience focused on relaxation, renewal, and discovery. Whether honing padel skills or embracing the serenity of island life, The Nautilus stands as the ultimate destination for discerning travellers.
Business
BBM, Lifebuoy empowers hygiene practices among Maldivian children
BBM, in collaboration with Lifebuoy, marked Global Handwashing Day 2024 with engaging activities aimed at instilling the habit of proper hand hygiene among Maldivian school children. Held on November 17th, the event continued the successful “H for Handwashing” campaign, blending education with creativity and fun.
The initiative featured info sessions, exciting games, and creative contests designed to teach children the importance of handwashing while giving them a hands-on understanding of the correct techniques. Activities ranged from reimagined board games like “Germs & Ladders” and “Handwashing Ludo” to interactive sessions that reinforced hygiene habits in an enjoyable way.
This campaign underscores BBM’s commitment to fostering healthier practices among the younger generation, contributing to a healthier and more hygienic Maldives. COO of BBM, A.V.S. Subrahmanyam, emphasised, “At BBM, we believe that empowering the next generation with the knowledge and tools for better hygiene practices is vital for building a resilient and healthy community. We are proud to continue our efforts in collaboration with partners like Lifebuoy.”
Adding to this, Muksith Hussain, Head of Retail Sales at BBM, shared, “Reaching children through such innovative initiatives helps us lay the foundation for a healthier tomorrow. We are thrilled to see the enthusiasm and participation of these young minds in learning the importance of hygiene.”
The event also saw valuable support from the Maldivian Red Crescent (MRC), whose contributions enriched the experience for the children. BBM expressed gratitude for MRC’s involvement, as their efforts played a key role in making the event impactful and memorable.
Through campaigns like this, BBM aims to nurture a lifelong habit of handwashing, creating a brighter and healthier future for the Maldives.
Let’s keep the spirit alive—join the Handwashing Revolution with BBM and Lifebuoy!
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