Airport Authority deal sets benchmark for HK market

The Hong Kong Airport Authority has hit the capital markets with an innovative HK$2.5 billion issue via HSBC.

The Hong Kong debt capital market was boosted today by a benchmark HK$2.5 billion $320 million offering from the Airport Authority AA via HSBC. The deal, AA's first venture in the capital markets, is significant, not only in terms of its size, but also because it is the first time that a quasi-sovereign entity has issued floating rate notes.

The deal was split into two HK$1.25 billion tranches, of three- and five-year maturities. The three-year...

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