CLP Power lights the way

Pricing of the A+/A3 rated credit's new 10-year bond has not only come through its own interpolated curve, but also those of sovereign proxies MTR Corp and KCRC. Although no domestic borrower has ever priced or traded through the two train operators before, CLP Power was able to amass an order book of $2.5 billion and squeeze pricing 5bp through their theoretical secondary market trading levels.