Deal of the Year 2025: Dallas Fort Worth International Airport (Southwest)

Dallas Fort Worth International Airport advanced a massive capital plan with a nearly $2 billion refunding and improvement financing that reshaped how airports use the market. Alongside traditional long bonds, DFW issued two series of mandatory-tender, or "put" bonds, at four and seven years, lowering near-term costs, avoiding bank liquidity, and preserving flexibility. Investor demand was strong, with orders several times the amount offered. The approach is projected to save tens of millions on a present-value basis while funding signature projects like a new Terminal F and the Central Terminal Area expansion, demonstrating a scalable model for large airport programs.