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Bond Market News
LATAM Airlines Prepares for NYSE Listing of ADRs
July 19, 2024
LATAM Airlines is preparing for its ADRs to be listed on the NYSE, where it plans to raise over $533mn assuming the shares get sold at near its last closing price on the Chilean stock exchanges. This would likely be done at a potential valuation of $8.5bn. The listing comes as a positive step after the carrier emerged from bankruptcy recently, having become bankrupt in the aftermath of the pandemic in 2020. In Q1 2024, LATAM Airlines reported a net profit of $258mn, up 82% YoY with an EBIT margin of 13.9%, up 3.4% over the same period in the previous year. The guidance for 2024 projects an adjusted EBIT margin of 11-12.5%, with revenues between $12.8-13.1bn.
LATAM Airlines’ dollar bonds were trading positive, with its 7% 2026s at 98.7, yielding 6.8%.
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