Sun Hung Kai wobbles but doesnÆt fall down
The Hong Kong property developer launches a $300 million bond in the most volatile week of the year.
Sun Hung KaiÆs $300 million 10-year bond priced at 83bp over US Treasuries on Thursday evening, after markets around the world dipped on a series of bad news stories.
The trade slightly ruffled the neat run of deals so far this year, but still priced inside BBB-rated Hong Kong LandÆs 2014 bonds, which were quoted at a spread of around 86bp over US Treasuries on Thursday afternoon.
That said, A-rated Sun Hung KaiÆs higher credit quality would doubtless have...
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