Property developer Hongkong Land priced a $500 million 10-year bond on Friday in a deal that came as a surprise after a week of inactivity in Asia’s dollar market.
The deal was initially marketed at 300bp over US Treasuries and attracted decent demand from investors, allowing the company to tighten the deal to 290bp. The lack of supply from highly rated Asian issuers helped. The only other deals to price last week were two small issues from Korea’s Shinhan Capital and National Federation of Fisheries Cooperatives, for a combined size of less than $60 million, and the last high-grade bond to print in Asia was Sinopec’s $3 billion triple-tranche bond...
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