Hang Fung Gold, the Hong Kong jewellery manufacturer and retailer, late last night priced the first high-yield public deal in Asia since Mobile 8's $100 million offering in August by Lehman Brothers (excluding an $88 million Davomas tap by the bank in early September), as Kexim also succeeded in pricing the second investment-grade deal in the wake of the subprime crisis. Secondary market performance will be closely watched to gauge the outlook for other high-yield deals in the pipeline.
Readers will find the terms below. Commentary will follow tomorrow.
Issuer |
Hang Fung Gold | |||
Rating of the bond |
Ba3 stable by Moody's, BB stable by S&P/A |
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Format |
Senior unsecured Reg-S only |
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Size |
$170 million |
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Tenor |
Seven non-call four |
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Re-offer |
100 |
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Coupon |
9.25% |
|||
Settlement date |
October 17, 2007 |
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Maturity date |
October 17, 2014 |
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Investor-type split |
35% |
Banks: 32% |
Insurance/Person Funds: 12% |
|
Geographic split |
|
Asia: 69% |
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Final book |
$270 million |
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Bookrunners |
HSBC |
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