Airbus Financing Strategy

1. Maintain liquidity and flexibility

  • Sufficient level of gross cash at all times in order to manage operational risks and secure our investment into the future

  • Committed credit lines

  • Short and long-term programmes are in place

2. Diversify funding sources and maturities

  • Banks: Sustainability-linked Revolving Credit Facility

  • 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

  • Supranationals: European Investment Bank loan

3. Anticipate business needs

  • Long-term debt instruments to match assets or businesses of long-term nature

  • Strict control of customer financing

  • Pro-active long-term hedging policy

4. Maintain ratings in the single-A category in medium term

  • Solid balance sheet

  • Efficient presence of Airbus in Debt Capital Markets

Credit Ratings


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


Last Update

Standard & Poor's




24 October 2023





30 April 2024

Fitch Ratings (unsolicited)




18 September 2023


Rating History

Rating History

USD Exposure Coverage

Airbus’ currency hedge policy

More than 75% 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.

Q1 2024 USD Exposure Coverage

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.

Debt Profile & Portfolio


Airbus FY 2023 Debt Profile
Airbus FY 2023 Debt Portfolio

*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).


Funding Tools

Short-term funding

French Domestic Commercial Paper Programme (NEU CP)
€ 11 bn-Airbus SEBNP Paribas, CIC, CA-CIB, HSBC, ING, Natixis, Société Générale                                                                           31 March 2024


Euro Commercial Paper Programme
€ 4 bn-Airbus SEBNP Paribas, Commerzbank, HSBC, Lloyds, NatWest Markets31 March 2024


US Commercial Paper Programme
Amount OutstandingIssuerDealerStatus
$ 3 bn-Airbus SE

Bank of America Merill Lynch, Citigroup, GoldmanSachs,

JP Morgan, MUFG, RBC 

31 March 2024


Further information
Negotiable European Commercial Paper

Pdf363.99 KB

Negotiable European Commercial Paper

Long-term funding

EMTN Programme
€ 12 bn€ 8 bn Airbus SEBarclays28 July 2023


EMTN Bonds
Issue DateAmountISINMaturityTenorCouponIssuerActive Bookrunners
2 Apr. 2014€823,004,000XS10508465072 Apr. 202410 yrs.2.375%Airbus SEBNP Paribas, Deutsche Bank, HSBC, Société Générale
29 Oct. 2014€500 mXS112822470329 Oct. 202915 yrs.2.125%Airbus SEBarclays, CA-CIB, Santander, Unicredit
13 May 2016

€ 460,554,000

€900 m



13 May 2026

13 May 2031

10 yrs.

 15 yrs.



Airbus SEBNP Paribas, CA-CIB, Deutsche Bank, MUFG
31 Mar. 2020



€1 bn




7 Apr. 2025

7 Apr. 2028

7 Apr. 2032

5 yrs.

8 yrs.

12 yrs.




Airbus SEBNP Paribas / CA-CIB / HSBC / JP Morgan / Société Générale
2 Jun. 2020


€1.25 bn

€1 bn




9 Jun. 2026

9 Jun. 2030

9 Jun. 2040

6 yrs.

10 yrs.

 20 yrs.




Airbus SEBNP Paribas / CA-CIB / HSBC / JP Morgan / Société Générale
USD Bond (144A / RegS)
Issue DateAmount ISINMaturityTenorCouponIssuerActive Bookrunners
10 Apr. 2017

$ 750 m

$ 750 m



10 Apr. 2027

10 Apr. 2047

10 yrs.

30 yrs.



Airbus SEJPMorgan, Citigroup, GoldmanSachs, Morgan Stanley

Committed Credit Facility


Sustainability-linked Revolving Syndicated Credit Facility
Credit lineOutstandingMaturityBorrowerLenders
€ 8 bnundrawn

€ 7,925 m maturing on July 5, 2028

€ 75 m maturing on July 5, 2027

Airbus SEPool 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 - Annual Financial Report - 2020

Pdf482.52 KB

Airbus Finance BV - Annual Financial Report - 2020

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