HKAA debuts in international bond market

Hong Kong gets a new proxy sovereign borrower.

The Hong Kong Airport Authority completed a debut international bond yesterday Wednesday, pricing its $350 million deal at a predictably tight level on the back of huge demand from its home market.

Under joint leads Goldman Sachs and HSBC, pricing of the 10-year transaction came at 99.078% on a coupon of 5% to yield 5.119% or 75bp over Treasuries. Fees were a miserly 15bp.

On a Libor basis, the A rated deal priced at...

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