Hong Kong Telecom sold a $500 million 10-year bond late on Monday as it pressed ahead with a liability management programme that aims to improve its debt profile and lower its funding costs.
Rated Baa2BBB by Moody’s and Standard Poor’s, the Reg-S offering priced at US Treasuries plus 178 basis points, which is 17bp tighter than initial price guidance, according to a term sheet seen by FinanceAsia.
The investment-grade note, which is guaranteed by HKT Group and Hong Kong Telecommunications, has a coupon of 3.625%. Despite no roadshow, orderbooks reached in excess of $4 billion when it priced from more than 270...
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