Plenty of passengers for Sydney Airports A$600 million hybrid

UBS Warburg''s innovative floating IPO exchangeable reset security (or FLIERS) attracts big interest from institutions and is now selling to retail investors.

Joint lead arrangers and underwriters UBS Warburg opened the retail portion of its hybrid deal for the owner of Sydney Airports yesterday Monday after closing the institutional book last week three times oversubscribed.

Close to one third of the A$600 million $335 million in floating IPO exchangeable reset securities FLIERS is being marketed to retail investors on the basis that they can gain preferential access to shares in the airport operator should the company go public.

The deal is part of the A$5.6 billion $3.13billion sale of Sydney Airports by the government to the Southern Cross Airport Corporation led by Macquarie Bank. Macquarie won the three-way bid for the privatization on June 25 and has...

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