Crédit Agricole CIB assists Sydney Airport in its return to the Debt Capital Markets

Client successes

Sydney Airport successfully priced a new €1bn 4.375% 10-year Senior Secured Bond which was 4x oversubscribed.

This is their first benchmark transaction after being taken private in early 2022.  
 Sydney Airport conducted an extensive 3-day marketing exercise travelling through Frankfurt, Paris and London. They met over 50+ investors to update debt investors on the credit story and business recovery post the pandemic. They also hosted a global call to cover investors in Asia and Australia.  
Investor feedback post the roadshow generated circa €900mm of indications of interest. Coupled with a favourable and stable backdrop, this gave them confidence to announce a benchmark Euro 10yr transaction at an initial price talk of ms+165bps on the 20th of April. The orderbook quickly grew to ~€4.5bn across 200+ line orders. The allowed the company to upsize the deal to €1bn and compress the price guidance by 30bps to price at ms+135bps. Final book was €4bn among 170+ high quality investors. The bonds are performing in the secondary market trading 2-3bps tighter. 
This is the first transaction priced by an airport operator since April 2021 and the largest single-tranche printed by an Australian corporate issuer since 2013. 
Crédit Agricole CIB acted as active joint bookrunner and billing & delivery agent. This is the Bank's first Australian euro corporate benchmark since the Sydney Branch obtained its banking license last year. This landmark transaction further demonstrates the Crédit Agricole CIB’s leadership as a debt house globally.

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