McDonaldÆs debuts in Hong Kong dollar bond market

The fast food giant''s foray into the Hong Kong dollar bond markets makes it the second foreign corporation this year to do so.

Mcdonald's Corporation launched a debut HK$600 million issue off its EMTN programme yesterday Wednesday. Led by Barclays, the fixed rate bond carries a coupon of 5.44% and matures in June 2007. Pricing came at 99.75% to yield 44bp over Hibor, and had already tightened to 41bp over by late afternoon. Bank of East Asia and Standard Chartered were co-managers.

The issue, rated Aa3 by Moody's and A by Standard Poor's SP, marks only the second such issue by foreign corporate after Walt Disney's bond issue earlier this year. In that instance, Walt Disney was required to tap the Hong Kong dollar bond market as part of its financing programme for the...

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