Hutch sets new record for Asian bond market

Conglomerate prices largest bond offering in Asian history.

Hutchison Whampoa topped off a year of many firsts last night Wednesday with the completion of a $5 billion three tranche bond issue via Citigroup, Goldman Sachs, HSBC and Merrill Lynch. All three tranches were priced at the tight end of revised indicative terms after accumulating a global order book of just over $13 billion and 698 separate accounts with a large degree of overlap.

A $1.5 billion seven-year tranche was priced at 99.741% on a coupon of 5.45% to yield 185bp over Treasuries. This compares to original guidance around the 195bp area.

A $2 billion 10-year bond with a long first coupon and 2014 maturity was priced at 99.01%...

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