bw-sails-through-its-debut-dollar-bond-offering

BW sails through its debut dollar bond offering

The Singapore shipping company prices at the tight end of guidance despite market volatility.
BW Group, the privately-held shipping company in Singapore, issued its debut dollar bond last night, pricing a Reg-S, 144a $500 million Baa3BBB- 10-year issue with a coupon of 6.625%. The price equates to a spread of 155.75bp over 10-year US Treasuries and 95bp over mid-swaps. The company attracted an order book of $1.7 billion over three times subscribed and priced at the tight end of the 95bp-100bp over mid-swaps guidance.

As many as 70 accounts participated in the transaction led by HSBC and Morgan Stanley, which saw a geographic split of 38% to Asia, 37% to the US, and 25% to Europe. Asset managers bought 46% of the bonds, banks 24%, insurance...
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