Yesterday Auckland Airport completed an issue of $150 million of floating rate notes ("FRN"), which will be used to refinance the maturing $100 million FRN on 11 October 2022 and provide additional liquidity. The floating rate notes have a term of three years and a margin of 70 basis points over BKBM. The offer was made to New Zealand and offshore institutional investors with CBA and Westpac acting as joint lead managers on the issue.