Airbus Financing Strategy
1. Maintain liquidity and flexibility
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Sufficient level of gross cash at all times in order to manage operational risks and secure our investment into the future
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Committed credit lines
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Short and long-term programmes are in place
2. Diversify funding sources and maturities
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Banks: Revolving Credit Facility and Supplemental liquidity line
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Capital markets: in the short term with the French and US Commercial Paper programmes and in the medium and long term with our Euro Medium-Term Note programme, as well as access to the US Debt Capital Market
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Supranationals: European Investment Bank loan, Development Bank of Japan
3. Anticipate business needs
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Long-term debt instruments to match assets or businesses of long-term nature
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Strict control of customer financing
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Pro-active long-term hedging policy
4. Maintain ratings in the single-A category in medium term
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Solid balance sheet
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Efficient presence of Airbus in Debt Capital Markets
Credit Ratings
Rating
To assist debt and fixed income investors to better evaluate the risk of any given investment, the capital market uses the publicly available independent assessments of rating agencies. Through regular discussions with the senior management of companies, rating agencies gain an insight into the strategy and planning of the companies that they rate. Using this information as a base, supplemented by quantitative analysis, rating agencies evaluate the creditworthiness of the issuer companies through a system of rating classifications. Companies which want to raise money in the capital markets in the form of bonds, commercial paper and other debt instruments normally need a minimum of one or, better, two ratings.
The leading international rating agencies are Standard & Poor's, Moody's Investors Service and Fitch Ratings.
The higher the rating classification is, the smaller is the potential risk that a company cannot meet its debt obligations (interest and principal). The debt investors charge a higher rate of interest for financing a higher risk investment. Thus a company with a strong rating can raise capital more advantageously than a company which has a less favourable rating. Additionally, the outlook given by a rating agency provides a supplementary reference point for the investor in assessing the probable development of the rating.
Current Ratings
Rating Agency |
Short Term |
Long Term |
Outlook |
Last Update |
Standard & Poor's |
A-1 |
A |
Stable |
30 March 2022 |
Moody's |
P-1 |
A2 |
Stable |
28 February 2022 |
Fitch Ratings (unsolicited) |
F1 |
BBB+ |
Stable |
24 November 2021 |
Rating History

FY 2021 Credit rating evolution
USD Exposure Coverage
Airbus’ currency hedge policy
In 2021, more than 70% of Airbus' revenues are denominated in US dollars with approximately 60% of such currency exposure 'naturally hedged' by US dollar-denominated costs. The remainder of costs is incurred primarily in euro, and to a lesser extent, in pounds sterling.
As Airbus intends to generate profits only from its operations and not through speculation on foreign currency exchange rate movements, Airbus uses hedging strategies solely to manage and minimise the impact on its EBIT from the volatility of the US dollar.
Airbus manages a long-term hedge portfolio with a maturity of several years covering its net exposure to US dollar sales, mainly from the activities of Airbus Commercial Aircraft and, to a lesser extent, of the Airbus Helicopters and Airbus Defence and Space Divisions. The net exposure is defined as the total firm audited currency exposure (US dollar-denominated revenues), net of the part that is 'naturally hedged' by US dollar-denominated costs. The hedge portfolio covers nearly all of the Airbus hedging transactions.
In parallel, Airbus is proactively increasing the number of euro deals wherever suitable.
The tables below set forth the notional amount of foreign exchange hedges in place and the US dollar rates applicable to corresponding EBIT.

Airbus H1 2022 Hedging
Approximately 60% of Airbus US$ revenues are naturally hedged by US$ procurement. Hedge rates reflect EBIT impact of the US$ hedge portfolio.
Total hedge amount predominantly contains €/$ designated hedges.
FX Global Code
The FX Global Code is a voluntary code of conduct having been developed in a joint effort between major central banks and private sector market participants (one of them being Airbus) on a global scale in order to restore trust and to ensure integrity, fairness, liquidity, transparency and effective functioning of the foreign exchange market. Due to its business model and in order to protect its activities from currency fluctuations, Airbus maintains a significant portfolio of foreign exchange hedges. Airbus is therefore committed to the FX Global Code and has already previously been acting in accordance with its leading principles and will continue to do so.
Airbus sees adherence to the code as a way to demonstrate towards its stakeholders compliant behaviours in the context of a wider ethics and compliance framework.
Read more on the Global Foreign Exchange Committee website.
Airbus Statement of Commitment
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Debt Profile & Portfolio

Airbus H1 2022 Debt profile
Debt breakdown and maturities are updated twice per year at publication of full-year results and half-year results. Information disclosed for half-year are estimations only (except for bonds / commercial paper).

Airbus H1 2022 Debt portfolio
Funding Tools
Short-term funding
French Domestic Commercial Paper Programme (NEU CP)
Amount | Outstanding | Issuer | Dealer | Status |
---|---|---|---|---|
€ 11 bn | - | Airbus SE | Société Générale | 31 Dec. 2021 |
Euro Commercial Paper Programme
Amount | Outstanding | Issuer | Dealer | Status |
---|---|---|---|---|
€ 4 bn | - | Airbus SE | BNP Paribas, Commerzbank, HSBC, Lloyds, NatWest Markets | 31 Dec. 2021 |
US Commercial Paper Programme
Amount | Outstanding | Issuer | Dealer | Status |
---|---|---|---|---|
$ 3 bn | - | Airbus SE |
Bank of America Merill Lynch, Citigroup, GoldmanSachs, JP Morgan, RBC, MUFG |
31 Dec. 2021 |
Further information
Negotiable European Commercial Paper
Pdf 300.69 KB
Negotiable European Commercial Paper 0522
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Long-term funding
EMTN Programme
Amount | Outstanding | Issuer | Arranger | Status |
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€ 12 bn | € 8 bn | Airbus SE | Barclays | 31 Dec. 2021 |
EMTN Bonds
Issue Date | Amount | ISIN | Maturity | Tenor | Coupon | Issuer | Active Bookrunners |
---|---|---|---|---|---|---|---|
2 Apr. 2014 | €823,004,000 | XS1050846507 | 2 Apr. 2024 | 10 yrs. | 2.375% | Airbus SE | BNP Paribas, Deutsche Bank, HSBC, Société Générale |
29 Oct. 2014 | € 500m | XS1128224703 | 29 Oct. 2029 | 15 yrs. | 2.125% | Airbus SE | Barlclays, CA-CIB, Santander, Unicredit |
13 May 2016 |
€ 460,554,000 € 900 m |
XS1410582586 XS1410582313 |
13 May 2026 13 May 2031 |
10 yrs. 15 yrs. |
0.875% 1.375% |
Airbus SE | BNP Paribas, CA-CIB, Deutsche Bank, MUFG |
31 Mar. 2020 |
€561,243,000 €610,828,000 €1 bn |
XS2152795709 XS2152796269 XS2152796426 |
7 Apr. 2025 7 Apr. 2028 7 Apr. 2032 |
5 yrs. 8 yrs. 12 yrs. |
1.625% 2.000% 2.375% |
Airbus SE | BNP Paribas / CACIB / HSBC / JP Morgan / Société Générale |
2 Jun. 2020 |
€894,371,000 €1.25 bn €1 bn |
XS2185867830 XS2185867913 XS2185868051 |
9 Jun. 2026 9 Jun. 2030 9 Jun. 2040 |
6 yrs. 10 yrs. 20 yrs. |
1.375% 1.625% 2.375% |
Airbus SE | BNP Paribas / CA-CIB / HSBC / JP Morgan / Société Générale |
First Supplement to the Base Prospectus 2019
Second Supplement to the Base Prospectus 2019
Third Supplement to the Base Prospectus 2019
Fourth Supplement to the Base Prospectus 2019
EMTN Supplement to 2015 Trust Deed -(Notes due 2026 and 2031)
EMTN Supplement to 2014 Trust Deed (Notes due 2029)
USD Bond (144A / RegS)
Issue Date | Amount | ISIN | Maturity | Tenor | Coupon | Issuer | Active Bookrunners |
---|---|---|---|---|---|---|---|
10 Apr. 2017 |
$ 750 m $ 750 m |
US26824KAA25 US009279AC43 |
10 Apr. 2027 10 Apr. 2047 |
10 yrs. 30 yrs. |
3.15% 3.95% |
Airbus SE | JPMorgan, Citigroup, GoldmanSachs, Morgan Stanley |
Committed Credit Facility
Sustainability-linked Revolving Syndicated Credit Facility
Credit line | Outstanding | Maturity | Borrower | Lenders |
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€ 8 bn | undrawn | 05 July. 2027 | Airbus SE | Pool of 38 banks 3-tier structure |
Airbus Finance B.V.
Airbus Finance B.V. was merged into Airbus SE on 31 December 2021. With effect on and from that date, Airbus SE was substituted in place of Airbus Finance B.V. as issuer and principal debtor of the 2024 Notes, 2029 Notes and 2031 Notes (please refer to the Announcement of Substitution).
Airbus Finance BV Financial Statements HY2021
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Articles of Association
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Airbus Finance BV - Annual Financial Report - 2020
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Airbus Finance BV - Annual Financial Report - 2020
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