Hong Kong-listed Link Real Estate Investment Trust made its green bond market debut on Thursday with a $500 million issue, which priced through its secondary market curve.
The combination of fairly aggressive pricing and a more subdued credit market backdrop led to an order book that peaked at $2 billion, according to one syndicate banker. This was not quite as impressive as order books earlier this week but still a healthy four times oversubscribed.
The A2A rated deal was initially marketed at 165bp over Treasuries before indicative pricing was tightened to between 145bp and 150bp over.
Final pricing was fixed at 99.123% on...