KCRC achieves tight pricing on $750 million bond

Orders top $4 billion as the issuer's stable, defensive business and the rare appearance of a Hong Kong quasi-sovereign in the new issue market attract attention.

A quasi-sovereign high-quality name with a stable business in a defensive sector, Kowloon-Canton Railway Corp KCRC was always going to attract a reasonable following in a market where there is still a lot of uncertainty about the timing and scale of an economic recovery. Add in the rarity factor that comes from being a double-A-rated government-linked issuer from Hong Kong -- it has been eight years since KCRC was last in the international bond market with a new issue --...

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