Sydney Airport issued a 10 year bond on 16 April, raising A$850 million from bids of A$2.5 billion. The senior secured bond priced at 147 basis points over semi-quarterly swap. It is rare for Sydney Airport to come to the domestic market. The last time was in 2011 when it issued A$100m of seven years and prior to that, in 2010 when it issued $175m of five year bonds.
On 23 April 2024, the company issued EUR1 billion, in two tranches:
- EUR500 million for eight years at a margin of 105bps/ mid-swap
- EUR500 million for 12 years at a margin of 135bps/ mid-swap
Like the Australian bonds, the European bonds were senior secured. The deal was massively oversubscribed with peak bids of EUR8.5 billion. Despite a volatile market, final pricing was a significant 40 basis points inside initial price thoughts.
European pricing was ‘ever so slightly wider’ of the domestic issue.
Note: Source KangaNews
