Hongkong Land brings rare corporate benchmark

Hong Kong property group returns to the international debt markets for the first time since 2001.

Joint leads HSBC and JPMorgan priced an upsized $500 million issue for Hongkong Land yesterday Wednesday. The 10-year deal came at the tight end of revised guidance despite having to battle against the prevailing negative winds of Alan Greenspan's latest remarks concerning interest rates.

The market's interpretation that US rates will rise sooner rather than later pushed Asian spreads wider, with high grade credits closing the day 3bp to 5bp wider. The two leads, therefore, decided to shut the book a day early in case further damage is inflicted today.

After two days of roadshows in Hong Kong and Singapore, the A2BBB rated credit had built a $2...

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