Hutch strikes with opportunistic $1.5 billion bond

Li Ka-shing’s Hutchison Whampoa joined the wave of borrowers that have tapped the market so far this year, with a $1.5 billion dual-tranche five- and 10-year bond that priced early Wednesday morning. The company mandated Goldman Sachs, HSBC and J.P. Morgan late last week and pulled the trigger shortly after without conducting a roadshow.

The leads went out with guidance of Treasuries plus 275bp for both tranches on Tuesday. The $1 billion 10-year bonds priced at Treasuries plus 275bp and the $500 million five-year bonds also priced at the same spread. “Hutch has a very flat curve so we decided to go out with the same spread for both tranches,”...