Li Ka-shing’s Hongkong Electric Finance returned to the market yesterday with a quick $250 million tap on its December 2020 bonds, bringing the total issue size to $750 million. The company was the first investment-grade issuer to tap the dollar market with a benchmark.
The $250 million tap was launched yesterday at a price guidance of 10-year Treasuries plus 137.5bp and priced at Treasuries plus 135bp after a few hours of bookbuilding. The deal was more than 3.75 times subscribed with orders from over 80 investors. The bonds were reoffered at 96.289 to yield 4.723%. The coupon was fixed at 4.25%.
HSBC, Royal Bank of Scotland and Standard Chartered Bank were joint bookrunners....
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