StanChart bond

Cheung Kong prints surprising $500 million floater through StanChart

The three-year deal prices at a spread of 150bp over three-month Libor. But who bought the bonds?
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Cheung Kong's headquarters in Hong Kong, next to the Bank of China building
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<div style="text-align: left;"> Cheung Kong's headquarters in Hong Kong, next to the Bank of China building </div>

Li Ka-shing’s Cheung Kong placed an unusual $500 million three-year floating-rate note on a private basis on Thursday morning, through sole bookrunner Standard Chartered. In contrast to the US or Europe, floaters are a rarity in Asia’s bond markets and are more commonly seen in the loan markets.

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