hutchison-raises-15-billion-in-global-bond-deal

Hutchison raises $1.5 billion in global bond deal

The Hong Kong conglomerate attracts strong demand for its first US dollar bond in five years, despite tight pricing.

Hutchison Whampoa, the conglomerate headed by Kong Kong tycoon Li Ka-shing, priced a $1.5 billion 10-year global bond early Tuesday morning local time. It was only the second global bond issue by an Asian corporate so far this year, after Korean steel maker Posco raised $700 million two weeks ago.

The bonds pay a coupon of 7.625% and were reoffered at 99.676 for a yield of 7.672%. They mature on April 9, 2019.

The bonds are issued by Hutchison Whampoa International and guaranteed by Hutchison Whampoa, which is rated A3 with a negative outlook by Moody's Investors Service, and A- stable by both Standard Poor's and Fitch Ratings. The lead managers, Deutsche Bank, HSBC and...

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