Hong Kong blue-chip CLP Power closed a $600 million dual-tranche bond last night that confirmed just how much demand there is for investment-grade names at the moment.
The deal was initially announced as a $300 million 10.5-year bond on Thursday morning, and was met with very strong demand from investors, with the deal multiple times subscribed shortly after its announcement.
“As you can imagine for a name like CLP, the book was very strong,” said a source. “The company also received reverse enquiries from investors for a 15-year bond,” he added.
On the back of the reverse enquiries and the strong demand for...