HKAA debuts in international bond market

Hong Kong gets a new proxy sovereign borrower.

The Hong Kong Airport Authority completed a debut international bond yesterday Wednesday, pricing its $350 million deal at a predictably tight level on the back of huge demand from its home market.

Under joint leads Goldman Sachs and HSBC, pricing of the 10-year transaction came at 99.078% on a coupon of 5% to yield 5.119% or 75bp over Treasuries. Fees were a miserly 15bp.

On a Libor basis, the A rated deal priced at about 28bp over. This is roughly 5bp to 10bp through the trading levels of the MTR Corp and KCRC on a like-for-like basis. Both of the transport companies have extremely illiquid bonds outstanding, both of...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222