Hong Kong marks territory in dollars

Hong Kong sovereign prices the dollar portion of its $2.5 billion bond deal.

The Hong Kong SAR government made its debut in the international bond market yesterday Thursday, pricing a $1.25 billion issue slightly through its initial indicative range of 75bp to 79bp over Treasuries.

The 10-year transaction was priced at 99.233% on a coupon of 5.125% to yield 5.224%. This equates to 74bp over Treasuries and 25.2bp over Libor. Lead managers were BOCI, Goldman Sachs, HSBC, Merrill Lynch and Morgan Stanley.

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