HK & China Gas prints $1 billion 10-year deal

The debut issuer's bonds tighten in the secondary market after pricing at a level that some call cheap and others say reflects a necessary new issue premium.

Hong Kong China Gas has priced a $1 billion 10-year bond towards the tight end of the guidance issued on the final day, becoming the first Asian non-government-linked corporate issuer to print an investment grade deal of this size since 2003.

The deal was marketed as a ôbenchmark-sizeö issue which indicated only that it would be at least $500 million and the fact that the company was able to raise twice that amount should be a positive sign for AsiaÆs...

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