From the one that has the market abuzz to the one with 'war next door' — why airline IPOs are stacking up

Send us Fan Mail◆ Etihad to lead fleet of airline listings as IPO market and aviation sector blossom ◆ Air Baltic's historic coupon ◆ Open season for bank AT1sAn airline IPOs are a rare bird. In the last nine years, there have been three. The industry has rebounded from Covid, however, as UAE carrier Etihad's results proved this week and now it and at least eight others are looking to list on stock exchanges this year, or next. We look at what is driving them to the equity market and what reception they will likely find when they get there.One of those airlines is Air Baltic. It was in the bond market this week raising €340m of five year debt, callable after two, at a cost of a whopping 14.5%. We look into the airline's capital markets strategy.Meanwhile, banks piled into the additional tier one capital market this week. We examine how they managed to cram so much issuance into such a small window at such tight pricing.