Aeropuertos Espanoles y Navegacion Aerea SA (AENA) is reportedly worth EUR30 billion according to AENA's estimates (Expansion/Bloomberg, 17-Jan-2011). The government, which is selling 49% of state-owned AENA as it attempts to reduce debt levels, will reportedly approach investment banks to advise on the sale in coming weeks. JPMorgan Chase & Co, UBS AG and Morgan Stanley are reportedly interested in the mandate.
AENA worth EUR30bn: reports
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Spain aviation and LCCs: 2016 traffic above pre-crisis levels, but capacity surplus unsustainable
After suffering a protracted recession in 2009 to 2013, Spain's air travel market at last looks set to exceed its pre-crisis passenger numbers in 2016, albeit with something of an airline capacity glut. During the recession traffic was actually remarkably robust, thanks to buoyant inbound tourism and the growth of LCCs.
Europe's third largest aviation market by seats is dominated by short haul, with long haul strongly skewed towards trans-Atlantic routes (North and South) – principally operated by a resurgent Iberia and Air Europa. For long haul connections elsewhere Spain relies on other European hubs, although Iberia has re-entered Asia Pacific with Madrid-Shanghai, and plans a Tokyo service. The superconnectors have yet to make a big impression in Spain, but this may change.
Ryanair has been the largest airline by seats in Spain since 2013, the result of its own growth and also of second ranked Iberia's restructuring. IAG's other Spanish airline – the fast-growing Vueling – has been the country's number three ranked airline since 2010, pushing Air Europa into fourth. Madrid has remained Spain's largest airport, but Barcelona's growth has outpaced Madrid's. Spain's airport operator AENA is benefiting from double-digit growth this year, but airlines are suffering yield declines.
Global Airport Development Conference 2016 report: Trump, Brexit, pipelines and PPPs. Part 1
The Global Airport Development (GAD World) conference was held in Lisbon, between 29-Nov and 01-Dec-2016. This CAPA report chronicles the presentations and debates that took place on the first two days, including selected ‘stream’ sessions on both days.
There was, inevitably, a political overlay to the event, with the (Jun-2016) UK referendum on continuing membership of the European Union (‘Brexit’), the (Nov-2016) election of President Trump in the US and associated ‘uncertainty’ dominating events.
Otherwise, the concern was, as always, the ‘pipeline’ of airport privatisation details, or rather the lack of them, while the hope was for the continuation of the trend towards PPP deals.