Moms and Pops buy into HK's tunnel deal

Retail demand tops HK$7bn for HK''s landmark tunnel securitization.

The Hong Kong government has priced the retail portion of its landmark tunnel securitization. The HK$2.47 billion $317 million of notes on offer to the public are divided into three tranches and will be listed on the stock exchange.
The HK$880 million three-year notes pay a coupon of 2.75% and are priced at 98.87%. The HK$800 million five-year notes pay a coupon of 3.6% and are priced at 97.9%. The HK$790 million seven-year notes pay a coupon of 4.28% and are priced at 97.4%. All of the notes are rated AA-, Aa3 and AA by Standard Poor's, Moody's and Fitch, and are issued through the Hong Kong Link 2004...

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