HSBC completed an Eu1 billion transaction for Hutchison Whampoa at London's close yesterday Wednesday, pricing the deal 7bp back of the group's outstanding 10-year dollar deal.
The new issue came at 99.579% on a coupon of 5.875% to yield 5.932%. This represented a yield of 208bp over Bunds, 197bp over mid-swaps, or 225bp on an equivalent Treasuries basis. At the time of pricing, the A3A- rated group's February 2013 bond was being quoted at 218bp over Treasuries.
For Hutch, the deal is likely to be viewed as a great achievement given the disappointment it suffered last October when its previous attempt to issue a benchmark euro deal collapsed. At...
