HSBC wins second Bauhinia mandate

Another HK$2 billion securitization for HKMC, but this time HSBC take charge.

Bankers at HSBC are celebrating after winning the mandate for Hong Kong's first international securitization since early 2002. The deal will be backed by mortgage payments and will raise at least HK$2 billion $256 million for the Hong Kong Mortgage Corporation, though it could be even bigger. Bankers familiar with the deal say it will close before the end of the year.

Getting on the deal as sole bookrunner and lead manager is a coup for HSBC, particularly as the Hong Kong government is known to be considering a number of other asset securitization deals. The bank's securitization team will be hoping that an impressive performance on this key deal might...

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