henderson-lands-debut-dollar-bond-raises-500-million

Henderson Land's debut dollar bond raises $500 million

The Hong Kong property developer prices benchmark first-time deal in 12 hours to capitalise on market optimism.

Hong Kong's Henderson Land Development took advantage of upbeat credit markets yesterday to raise $500 million from a debut bond offer. The unrated property developer and its bankers, J.P. Morgan and HSBC, moved swiftly during the day to sell the 10-year deal and by 9pm Hong Kong time priced with a spread of 210bp over US Treasuries.

The issue came on the heels of Hutchison Whampoa's well-received $3 billion deal a day earlier, although Henderson priced comfortably inside the 235bp Hutch paid on its 10-year tranche. This latest bond also compares favourably to the roughly 200bp that Swire's existing 2019 bonds are trading at, particularly given that Henderson is an unrated, first-time issuer.

The...

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