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easyJet PLC.

Investment evaluation

The images below show the real trades of some of our clients or the balances of the property accounts of some of our clients, while IMPERIUM FINANCE s.r.o. does not guarantee that the same or higher appreciation will result from the trading of every investor. Investing is always associated with risks, which the investor should first familiarize himself with, e.g. through the document "Investment services, investment instruments and risks related to them", which is available  here . Please also note that the evaluations below are based on gross performance. In order to obtain a net return, it is necessary to take into account the influence of all costs associated with investing, see, for example, a sample calculation of business costs, which is available here . The net investment return may also be affected by the tax regime, which depends on the individual circumstances of each investor and may change in the future. If the investment instrument listed below is denominated in a foreign currency, the valuation presented also refers to this currency and the return on the investment in the investor's currency may be affected by exchange rate fluctuations.

easyJet plc

easyJet plc is the UK's second largest low-cost airline.

The company has issued bonds that were trading at EUR 103,000 all the time before the coronavirus at a nominal price of EUR 100,000 and a coupon of 1.75% (interest rates in the EZ are -0.5% and the ECB has expanded its bond buying program from the market).

Complete information

EasyJet Plc
The name of the issue
 EasyJet, 1.75% 9Feb2023
euro €
Emission volume
500,000,000 EUR

The face value of the bond

1000 EUR

Indicative market price

810 EUR


190 EUR
Coupon from face value
1.75% p.a
Coupon payout frequency

Due date

Semi-annual pay

 100% liquidity

Minimum volume
100,000 EUR

Yield to Maturity 

9.20% pa - before taking into account all costs

Preferred scenario

13.10% pa - before accounting for all costs
Hierarchy of debt
Senior uninsured
You can find the prospectus for the bonds here:
1.75% Senior Notes due 2023 - Prospectus



The company was able to raise its own financing by cutting costs and delaying deliveries of some new aircraft. It thus has enough cash until December 31, 2020, and after that the company would be able to obtain financing, for example, by selling part of the fleet.

The company's total long-term debt is £1.75 billion.

Below you can find the individual distribution of maturities.


easyJet's assets are £8.16bn.

Cash £1.576bn.

Aircraft £4.57bn - discount 25% - £3.42bn.


Bond summary

Total debt is £1.75bn against cash of £1.576bn and the aircraft are discounted 25% to book value of £3.42bn. We will receive a secured bond with a yield of 9.2% due in less than three years.

This corresponds to a BBB bond rating. So the investment band of the highest quality bonds.  Therefore, we expect the bond to level off very quickly to the corresponding level that we see around the nominal value of EUR 1000, against the current price of EUR 800 (+25%), and that over the next 12 months.

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