Hong Kong launches debut sovereign bond

Roadshows began yesterday for a $2.5 billion offering.

The Hong Kong SAR government launched its long awaited debut sovereign bond issue yesterday Wednesday after the lead managers worked around the clock to get documentation in place for an early July issuance date.

The dual currency offering has three main components.

A 10-year 144a offering with a minimum issuance size of $1 billion is expected to be upsized to about $1.3 billion and has early indicative pricing in the low 20bp range over Libor.

The second component is a Hong Kong dollar denominated institutional tranche. This will have five and 15-year maturities. The third component is a Hong Kong dollar denominated retail...

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