hutchison-turns-to-euros-for-third-international-bond-this-year

Hutchison turns to euros for third international bond this year

The Hong Kong conglomerate sells Ç1.75 billion of seven-year bonds after receiving Ç7.5 billion worth of orders in a matter of hours.

Hutchison Whampoa seems intent on giving Korea's Kexim a fight for the title as this year's most active Asian borrower with the completion late Tuesday of its third international bond issue in just seven months. This time the Hong Kong conglomerate turned to the euro market, which allowed it to target a different investor base than for its two earlier dollar bonds, and the 7.5 billion $11.2 billion order book suggests that, from a demand perspective at least, this was the right call.

And that was echoed in the pricing, with bankers estimating that the company was able to get away with paying virtually no issue premium despite the...

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