CLP adds tranche amid overwhelming demand for bonds

The Hong Kong electricity company adds a 15-year portion in response to reverse enquiries, raising a total of $600 million.

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...

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