Investors pile into Lifestyle’s $150 million tap

Hong Kong retailer Lifestyle International strikes with its tap ahead of a crucial Greek debt swap deadline and succeeds in re-pricing its secondary bonds.
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Lifestyle International owns two Sogo stores in Hong Kong
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<div style="text-align: left;"> Lifestyle International owns two Sogo stores in Hong Kong </div>

Hong Kong-based retail store operator Lifestyle International on Thursday priced a $150 million tap of its outstanding January 26, 2017 bonds, printing a deal ahead of a crucial Greek debt swap deadline last night, with little competing supply in the Asian dollar bond market.

The tap brought the total issue size up to $500 million and succeeded in re-pricing its secondary bonds. The leads Bank of America Merrill Lynch and J.P. Morgan announced the tap around 10.30am, Hong Kong time, with an initial guidance at the area of Treasuries plus 385bp. At that time, the outstanding Lifestyle January 2017s were bid at Treasuries plus 370bp and the tap offered a...

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