Aena issues €500 million bond as strong demand underlines investor confidence

Aena has successfully issued a 10-year bond in the European fixed-income market for an amount of €500 million, with an annual coupon of 3.5 percent. The bond, issued under the company’s Euro Medium Term Note Programme, achieved a yield of 3.6 percent, equivalent to 78 basis points over the midswap benchmark.

The transaction, completed on 16 January 2026, was heavily oversubscribed, with demand exceeding the offer by 4.2 times. Initial investor demand reached €4 billion, highlighting strong market confidence in Aena’s business model, financial strength and operational stability.

More than 130 investors participated in the final order book, the majority of whom were institutional investors. The breadth and quality of demand reflected the appeal of Aena’s credit profile and its resilience within the current fixed-income market environment.

Following the issuance, Aena is expected to become the airport operator whose debt trades at the tightest spread in the euro fixed-income market. The company said this outcome demonstrates the effectiveness of its financial strategy and supports long-term value creation across the regions in which it operates.

Aena Chairman and CEO Maurici Lucena said: “An excellent result, which will ultimately benefit the economy and the citizens of all the countries in which Aena operates.”

The proceeds from the bond will be used to diversify Aena’s funding sources and to support its planned investments during the next regulatory period, known as DORA 3. The financing will help underpin capacity expansion, infrastructure upgrades and operational improvements across the airport network.

Lucena added: “This new issuance demonstrates investors’ confidence in Aena’s corporate strength, its admirable network model, its solvency and its long-term strategy. We will continue building a robust and sustainable financial structure to support the ambitious investment plan for the coming years, designed to ensure the capacity of Aena’s airports.”

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