Sydney Airport Finance Company issued $175 million fixed rate, senior secured, medium term bonds which will be used to repay existing credit wrapped bonds and bank debt.

This is the first buyback of credit wrapped bonds and the re-issue of secured bonds in Australia.

The firm's banking and finance partner Duncan McGrath led the transaction, assisted by senior lawyer Benjamin Downie.

"We are delighted to have acted for Westpac on this significant transaction in difficult market conditions," McGrath said.