HK retail takes to tunnel transaction

Retail demand tops HK$7bn for HK''s landmark tunnel securitization.

The Hong Kong government has priced the retail portion of its landmark tunnel securitization The HK$2 47 billion ($317 million) of notes on offer to the public are divided into three tranches and will be listed on the stock exchange

The HK$880 million three-year notes pay a coupon of 2 75% and are priced at 98 87% The HK$800 million five-year notes pay a coupon of 3 6% and are priced at 97 9% The HK$790 million seven-year notes pay a coupon of 4 28% and are priced at 97 4%

All of the notes are rated AA-, Aa3 and AA+ by Standard & Poor's, Moody's and Fitch, and are issued through the Hong Kong...

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