Air Liquide returns to the euro bond market with an average rate below 4%
The industrial and medical gases group announced on October 6, 2026 a bond issuance in three tranches, with maturities ranging from 2 to 10 years, at a weighted average rate below 4.00% per annum after hedging. The operation follows Air Liquide's Capital Markets Day on October 5, during which the company presented its strategic plan BEYOND with a 2030 horizon.
Return to the Euro market following a Swiss issuance
According to the press release, this transaction marks Air Liquide's return to the Euro market. The group had diversified its financing sources in the first quarter of 2026 through a bond issuance on the Swiss market. The net proceeds of the issuance will be allocated to financing the group's general needs as well as debt refinancing. Jérôme Pelletan, Group Chief Financial Officer and member of the Executive Committee, stated that the capital raised will « support our capital allocation and drive the expansion of our activities in future markets ». He also stated that this operation, « completed in a complex environment, demonstrates investors' confidence in the implementation of our BEYOND strategic plan with a 2030 horizon ».
Three maturities, A and A2 ratings
The operation was carried out under the group's Euro Medium Term Note (EMTN) program. It is divided into three maturities: 2 years, 5 years and 10 years. According to the group, the issuance was significantly oversubscribed by investors. It will benefit from an « A » rating assigned by Standard & Poor's and Scope Ratings, and an « A2 » rating assigned by Moody's.
