Hang Lung reignites unrated space

Hong Kong-listed Chinese developer raises a $500 million seven-year note, reviving the region’s unrated space amid improving market confidence.

Hang Lung Properties, a real estate group with operations in Hong Kong and mainland China, issued a $500 million seven-year bond on Wednesday, revitalising Asia’s unrated space as confidence returns to the region.

The Reg-S bond, a drawdown off the developer’s $3 billion medium-term note programme, attracted an order book of $1.9 billion from more than 110 accounts, indicating strong investor interest for unrated names.

The Asian debt capital market has been fairing relatively well over the past few days and were buoyed by the minutes released from the Federal Open Market Committee’s March meeting on Wednesday, where members discussed keeping interest rates low as long as...

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