Li & Fung prices $500 million bond tight of guidance

The company prices its deal attractively, leading to strong demand and with a strategy designed to ensure a strong performance in the secondary market.

Li Fung, the 100-year old trading company operating in the consumer goods market, priced its 10-year $500 million Reg-S senior unsecured fixed-rate bullet bond at 40bp over mid-swaps yesterday. Despite typically low demand for investment-grade paper at this kind of price, the book closed with an oversubscription of $2 billion dollars.

The company conducted 18 one-on-one meetings during the Hong Kong and Singapore roadshow, with 56 investors attending the Hong Kong lunch, excluding bankers and those affiliated to Li Fung....

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