Citigroup is selling A$1.1bn (€629m) of shares in Qantas, the Australian airline, for British Airways, which wants to reduce debt ahead of possible acquisitions in Europe.

This is the first equity issue by BA since it floated in 1987, according to Dealogic, the investment banking research provider. Citigroup was one of four lead banks on BA's £900m initial public offering. The bank is in fifth place in Dealogic's European equity league table.