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October 13, 2020

UK’s Heathrow Airport raises £1.4bn from bond markets

Heathrow Airport in the UK has raised around £1.4bn from bond markets to support its financial health amid the Covid-19 crisis.

Heathrow Airport in the UK has raised around £1.4bn from bond markets to support its financial health amid the Covid-19 crisis.

According to a Reuters report, the British airport accessed multiple bond markets to raise the money through three transactions.

The move comes as the aviation industry continues to struggle due to weak travel demand.

Last month, around 1.2 million passengers travelled through Heathrow, representing an 82% fall in traffic on a year-on-year basis.

Most of the travel movements are made to the remaining European destinations on the UK’s travel corridors list while long-haul flights continue to be restricted due to Covid-19 related border closures and a lack of testing.

In September, cargo volumes also fell by 28.2% compared to the same time last year.

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This comes after the UK announced the formation of a Global Travel Taskforce, which will assess how a testing regime can be implemented to reduce the length of the current 14-day quarantine.

Heathrow CEO John Holland-Kaye said: “The government’s Global Travel Taskforce is a great step forward, but needs to act quickly to save the millions of UK jobs that rely on aviation.

“Implementing ‘test and release’ after five days of quarantine would kick start the economy.

“But the government could show real leadership by working with the US to develop a Common International Standard for pre-departure testing that would mean that only Covid-free passengers are allowed to travel from high risk countries.”

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