The deal was initially sized at $1.5bn – but upsized to $2.55bn on strong investor demand.

The proceeds are used in part to refinance bank loans issued in June 2022 and in part to finance new construction.

The New Terminal One at JFK is a $9.5bn public private partnership – with private partners including Carlyle, Ferrovial, JLC Infrastructure and Ullico.

With market conditions positive, and it looking less likely that inflation and rates will fall as fast as earlier hoped – The New Terminal One has taken this opportunity to lock in funds while they are available.

Other issuers with upcoming capital needs might benefit from doing the same – reducing the risk to their business from geopolitical and economic events that could result in periods where the markets are closed or highly risky.