London, Feb 16, 2026, 15:37 GMT — Regular session
- easyJet shares rose about 1.5% in London trading
- Airline published an FCA-approved offering circular updating its Euro medium-term note programme
- Investors are watching funding costs ahead of easyJet’s May half-year results
easyJet shares rose on Monday after the airline published a prospectus updating its Euro Medium Term Note (EMTN) programme, a framework that can be used to issue bonds. The stock was up about 1.5% at 488.6 pence. (Investing)
The filing matters because airlines juggle big swings in cash flow through the year and tend to keep multiple funding options open, especially when costs and demand can move quickly.
It also lands as investors try to work out which travel names can defend margins if fares soften, or if fuel and financing stay choppy. European shares were slightly higher on Monday. (Reuters)
A euro medium-term note programme is a shelf: it sets the terms for potential bond sales, letting a company issue debt in smaller tranches over time rather than starting from scratch each time.
In its statement, easyJet said the prospectus had been approved by the Financial Conduct Authority and was available for viewing, with a copy also to be available via the FCA’s national storage mechanism. (Investegate)
The offering circular dated Feb. 16 sets out a £4 billion EMTN programme for easyJet plc and easyJet FinCo B.V., with guarantees from easyJet Airline Company Limited and cross-guarantees between group entities depending on the issuer, the document showed. It also lists the company’s issuer and programme ratings and flags risks tied to fuel, carbon costs and foreign exchange moves.
Still, the update does not mean a bond sale is imminent. Markets will look for “final terms” notices if and when easyJet taps the programme, and for any change in pricing that would signal higher debt costs.
In late January, easyJet said the “traditionally busy January booking period has seen record levels in both volume and revenue” as summer 2026 bookings built, even as it posted a wider first-quarter loss and kept its 2026 outlook unchanged. (Reuters)
But airlines can get caught out. A debt raise into weak demand, or a sharp swing in fuel or currency, can quickly feed into earnings and pressure valuations.
The next clear catalyst is easyJet’s half-year results on May 21, when investors will watch guidance, unit revenues and any update on financing plans. (Easyjet)
