Hongkong Land seeks to cut financing costs.

Bankers wallets take another hit.

With the SARs crisis seemingly averted following the removal of Hong Kong and China from the World Health Organisation's list several Hong Kong blue chips have been eyeing a return to the market. Hongkong Land has become the first big name to take advantage by launching a HK$4.7 billion $602 million seven-year fundraising on Wednesday.

Banks have been invited to join at a margin of 42bp over Hibor and can earn front end fees on three levels. Arrangers absorbing HK$200 million $25.5 million receive 45.5bp, co-arrangers committing HK$100 million $12.8 million to HK$190 million $24.4 million are paid 35bp and senior managers providing HK$50 million $6.5 million...

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