International Consolidated Airlines Group S.A. (IAG) has completed the conversion of its €1.125% senior unsecured convertible bonds due 2028, canceling the outstanding issue after bondholders exercised conversion rights in full.
The company notified holders on June 5, 2026 that it would redeem all bonds on July 21, 2026, but bondholders instead opted to convert their holdings into IAG shares. Following the July 16, 2026 conversion deadline, IAG elected to satisfy the conversion demand through cash payments rather than issuing new shares. The final cash alternative amount was disbursed on August 27, 2026, leaving no bonds of this series in circulation.
The bonds, identified by ISIN XS2343113101, carried a 1.125% coupon and were originally due to mature in 2028. IAG first disclosed the insider information regarding the bond conversion plan to Spain’s securities regulator, the CNMV, on May 11, 2026. The transaction concludes the company’s handling of the convertible instrument, which had been trading prior to the conversion process.
