MTR Corp plans international bond benchmark

Seeking to maintain the positive momentum generated by its partial privatization last month, the Hong Kong railway operator is planning to re-enter the international bond markets for the first time since January 1999.

The A3A-rated credit recently updated its US shelf from $250 million to $1 billion and is currently in the middle of seeking proposals from investment banks for a new dollar offering. Market participants believe that mandates for what is likely to be a $500 million 10 year transaction should be awarded fairly quickly and on the basis of historical relationship with the group rather than price.

Long considered Hong Kong's proxy sovereign issuer, MTR Corp also typically vies...

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