kcrc-achieves-tight-pricing-on-750-million-bond

KCRC achieves tight pricing on $750 million bond

Orders top $4 billion as the issuer's stable, defensive business and the rare appearance of a Hong Kong quasi-sovereign in the new issue market attract attention.

A quasi-sovereign high-quality name with a stable business in a defensive sector, Kowloon-Canton Railway Corp KCRC was always going to attract a reasonable following in a market where there is still a lot of uncertainty about the timing and scale of an economic recovery. Add in the rarity factor that comes from being a double-A-rated government-linked issuer from Hong Kong -- it has been eight years since KCRC was last in the international bond market with a new issue -- and you get an almost perfect mix for a tightly priced deal.

The owner of Hong Kong's above-ground railway network attracted approximately $4.2 billion of demand, which allowed it to sell $750 million worth of...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222