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Air Liquide raises €2 billion in oversubscribed bond sale
Air Liquide said the net proceeds will be used for general corporate purposes and to refinance existing debt
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By ICN Bureau | October 08, 2026
Air Liquide has raised €2 billion through a multi-tranche bond issue, returning to the euro debt market after diversifying its funding sources with a Swiss-market bond earlier this year.
The transaction comes just days after the company’s October 5 Capital Markets Day, where it unveiled its new BEYOND strategic plan to 2030.
The bond issue, which was significantly oversubscribed by investors, was executed under Air Liquide’s Euro Medium Term Note (EMTN) programme. The company issued debt across three maturities — two, five and 10 years — with a weighted average interest rate of below 4% per year, taking into account pre-hedging arrangements.
Air Liquide said the net proceeds will be used for general corporate purposes and to refinance existing debt.
The new bonds will carry ratings of “A” from Standard & Poor’s and Scope Ratings, and “A2” from Moody’s.
Jérôme Pelletan, Chief Financial Officer and Member of the Air Liquide Executive Committee, said: "This new issuance, executed in a complex environment, reflects investor confidence in the implementation of our new BEYOND strategic plan for 2030. The funds raised will support our capital allocation and drive the development of our activities in future growth markets.”
The successful transaction strengthens Air Liquide’s funding position as the industrial gases group moves to execute its new long-term strategy and invest in targeted growth markets.
