Commentary & Deal Flow

IPTs: 8yr: MS+140-145bp

• Issuer: Sydney Airport Finance Company Pty Limited (Ticker: SYDAU / Country: AU)
• Guarantors: Southern Cross Airports Corporation Holdings Limited, Southern Cross Airports Corporation Pty Limited, Sydney Airport Corporation Limited and Sydney Airport RPS Company Pty Limited
• Issuer LEI: 549300MJAANHLHOVTO40
• Issuer Rating: Baa1 (stable) / BBB+ (stable) by Moody’s / S&P
• Exp. Issue Rating: Baa1 / BBB+ by Moody’s / S&P
• Status: Senior, Secured
• Format: Registered
• Distribution: Reg S, Cat 2, TEFRA Not Applicable
• Settlement Date: 28-Apr-26 (T+8)
• Maturity: 28-Apr-34
• Size: €500m (WNG)
• IPTs: MS+140-145bps
• Benchmark Bund: DBR 2.2 15-Feb-34
• Coupon: Fixed, Annual, Act/Act (ICMA)
• Issuer’s Calls: Make-whole; 3-month Par Call
• Change of Control: Yes, at 101%
• ISIN: XS3324584260
• Common Code: 332458426
• Use of Proceeds: To refinance existing indebtedness and/or for general corporate purposes
• Documentation: The Issuer’s €50,000,000,000 Secured Euro Medium Term Note Programme as described in the Offering Circular dated 13-Mar-26 relating to the Programme (the “Offering Circular”)
• Governing Law: English law, except for the Security Documents and the Intercreditor Deed (each as defined in the Offering Circular), which are governed by the laws of New South Wales
• Denominations: €100,000/€1,000
• Global Coordinator & Bookrunner: J.P. Morgan
• Bookrunners: BNP PARIBAS (B&D), Credit Agricole CIB, SMBC, Societe Generale
• Selling Restrictions: As set out in the Offering Circular
• Listing: Singapore Exchange Securities Trading Limited (“SGX-ST”)
• Clearing: Euroclear and Clearstream
• Target Market: MiFID II and UK MiFIR professionals/ECPs-only - Manufacturer target market (MiFID II and UK MiFIR Product Governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary
• Advertisement: The Offering Circular is available on the website of the SGX-ST (https://www.sgx.com/). The Pricing Supplement in respect of the Notes, when available, will be also published on the website of the SGX-ST
• DealRoadshow Link: A DealRoadshow presentation is available (with voiceover) Link https://dealroadshow.com/e/SACLEUR2026 (Recommended) OR visit: https://dealroadshow.com and enter the entry code: SACLEUR2026 (case-sensitive)
• Timing: Books open, today's business