Hedging & Debt Information

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: Revolving Credit Facility and Supplemental liquidity line
  • 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, Development Bank of Japan

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 Outlook Last Update
Standard & Poor's
A negative 10 May 2021
P-1 A2 negative 28 May 2021
Fitch Ratings (unsolicited)
F1 BBB+ negative 04 November 2020

Rating History



Airbus’ currency hedge policy


More than half 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.

HY21 Hedging

Approximately 60% of Airbus US$ revenues are naturally hedged by US$ procurement. Graph shows US$ Forward Sales
Hedge rates reflect EBIT impact of the US$ hedge portfolio

Total hedge amount contains $/€ and $/£ 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.

Debt Profile & Portfolio

Airbus FY2020 Debt Profile
Airbus FY2020 Debt Portfolio

Debt breakdown and maturities are updated once per year at publication of full-year results.

Funding Tools

French Domestic Commercial Paper Programme (Billet de Trésorerie)

Amount Outstanding Issuer Dealer Status
€ 11 bn - Airbus Finance B.V. (guaranteed by Airbus SE) BNP Paribas, CIC, CA-CIB, HSBC, ING, Natixis, Société Générale 31 December 2020

Euro Commercial Paper Programme

Amount Outstanding Issuer Dealer Status
€ 4 bn - Airbus SE BNP Paribas, Commerzbank, HSBC, Lloyds, NatWest Markets 31 December 2020

US Commercial Paper Programme

Amount  Outstanding Issuer Dealer Status
$ 3 bn - Airbus Finance B.V. (guaranteed by Airbus SE) Bank of America Merill Lynch, Citigroup, GoldmanSachs, JP Morgan, RBC 31 December 2020

EMTN Programme

Amount Outstanding Issuer Arranger Status
€ 12 bn € 9 bn Airbus Finance B.V.
(guaranteed by Airbus SE) /  Airbus SE
Barclays 31 December 2020


Amount ISIN Maturity Tenor Coupon Issuer Bookrunners
€ 1 bn XS1050846507
02 April 2024
10 yrs.
Airbus Finance B.V.
(guaranteed by Airbus SE)
BNP Paribas,  Deutsche Bank, HSBC, Société Générale
€ 500 m XS1128224703
29 October 2029
15 yrs.
Airbus Finance B.V.
(guaranteed by Airbus SE)
Barclays, CA-CIB, Santander, Unicredit
€ 1.5 bn split in 
€ 600 m and € 900 m
XS1410582586 / XS1410582313
13 May 2026 /
13 May 2031
10 yrs. /
15 yrs.
0.875% /
Airbus Finance B.V.
(guaranteed by Airbus SE)
BNP Paribas, CA-CIB, Deutsche Bank, MUFG
€2.5 bn split in
€750 m, €750 m and €1 bn
XS2152795709/ XS2152796269/
7 April 2025 / 7 April 2028
/ 7 April 2032
5 yrs. / 8 yrs. / 12 yrs. 1.625% /  2.000% / 2.375% Airbus SE BNP Paribas  / CACIB  / HSBC / JP Morgan / Société Générale 
€3.5 bn split in €1.25 bn,  €1.25 bn and  €1 bn XS2185867830/ XS2185867913/ XS2185868051 9 June 2026 / 9 June 2030 / 9 June 2040 6 yrs. / 10 yrs. / 20 yrs. 1.375% / 1.625% / 2.375% Airbus SE BNP Paribas  / CACIB  / HSBC / JP Morgan / Société Générale 

USD Bond (144A / RegS)

Amount  ISIN Maturity Tenor Coupon Issuer Bookrunners
$ 1 bn USN2823BBD21
Early repaid in Q2 2021 10 yrs.
Airbus Finance B.V.
(guaranteed by Airbus SE)
JPMorgan, Citigroup, Barclays, Morgan Stanley, RBS
$ 1.5 bn split in
$ 750 m and
$ 750 m
US26824KAA25 /
10 April 2027 /
10 April 2047
10 yrs. /
30 yrs.
3.15% /
Airbus SE
JPMorgan, Citigroup, GoldmanSachs, Morgan Stanley

Convertible bond

€ 500 m XS1254584599
01 July 2022
Converted into shares per 31 December 2019
7 yrs.
Airbus SE
Société Générale, HSBC, BNP Paribas

Exchangeable bond

Amount  ISIN Maturity Tenor Coupon Issuer Bookrunners
€ 1078 m XS1434160971
Repaid in cash at maturity 5 yrs.
Airbus SE
GoldmanSachs, Bank of America Merill Lynch, BNP Paribas, Deutsche Bank, JPMorgan

Sustainability-linked Revolving Syndicated Credit Facility

Credit line Outstanding Maturity Borrower Lenders
€ 6 bn undrawn  21 October 2023 Airbus SE Pool of 33 banks
3-tier structure

Supplemental Liquidity Line (SLL)

Credit line Outstanding Maturity Borrower Lenders
€ 6.2 bn undrawn  31 March 2022 Airbus SE
Pool of 22 banks

Airbus Finance B.V.

Airbus Finance B.V. (previously Airbus Group Finance B.V.), an Airbus subsidiary, the activity of which is to raise funds by issuance of debt securities to finance activities of Airbus, releases its financial statements for the year end and half-year frequently. These announcements are made to comply with the requirements of the EU Transparency Directive.

In addition to historical information, this website includes forward-looking statements. For further information, please refer to the Safe Harbour Statement.

  Financial Statements
Half Year 2021

Past financial statements

  Financial Statements
Half-Year 2020, 30 July 2020  
Full-Year 2019, 30 April 2020
Half-Year 2019, 31 July 2019
Full-Year 2018, 23 April 2019
Half-Year 2018, 27 July 2018
Full-Year 2017, 27 April 2018
Half-Year 2017, 21 July 2017
Full-Year 2016, 10 April 2017

Half-Year 2016, 27 July 2016

Full-Year 2015, 15 April 2016

Half-Year 2015, 31 July 2015

Full-Year 2014, 30 April 2015

Half-Year 2014, 30 July 2014

Full-Year 2013, 07 March 2014

Half-Year 2013, 01 August 2013

Full-Year 2012, 09 April 2013

Half-Year 2012, 26 July 2012

Full-Year 2011, 25 April 2012

Half-Year 2011, 29 July 2011

Full-Year 2010, 14 April 2011

Half-Year 2010, 30 July 2010
Full-Year 2009, 26 April 2010
Half-Year 2009, 28 July 2009
Full-Year 2008, 28 April 2009


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