kerry-prices-debut-dollar-bond-deal

Kerry prices debut dollar bond deal

Sole lead Goldman Sachs sells $420 million in bonds for Hong Kong debut issuer Kerry Properties.
Hong KongÆs Kerry Properties completed its debut deal in the offshore debt capital markets, pricing a senior unsecured $420 million 10-year bullet deal on Friday night August 18. The deal was led on a sole basis by Goldman Sachs.

The lead launched the deal with guidance of 90bp over mid-swaps. However guidance was revised to 105bp over mid-swaps during the roadshow.

Final pricing for the Reg-S only deal came in at a re-offer of 99.592% with a semi-annual coupon of 6.375%. That equates to a yield of 6.431%, a spread of 105bp over mid-swaps or 157.2bp over comparable US Treasuries.

The deal closed with a final order book of $715 million, an oversubscription of...
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