During the first half of 2023, sales of airport bonds dropped to roughly $3 billion — less than a third of the amount seen in the year earlier period — as the Federal Reserve raised interest rates. But a cluster of sales totaling $1.8 billion in August has brought the sector back to life.
US airports need $151 billion over the next five years to meet infrastructure needs, according to Airports Council International-North America. With pandemic federal aid running out as travel rebounds, city governments will be turning to the bond market for money to fund long-term airport projects. As the world’s second-busiest airport, Dallas-Fort Worth plans to tap investors for $6 billion through 2029 and is expected to post its largest-ever bond issuance in the next several years, said Christopher Poinsatte, chief financial officer for the airport. He expects sales “very regularly” starting late next summer given a large capital program.
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