MTR Corp brings international dollar bond

Long regarded as one of Asia''s top corporate credits, Hong Kong''s MTR Corp has remained loyal to its relationship banks in mandating a bond offering that should be launched over the next few days.
Fund managers report that Goldman Sachs, HSBC and Merrill Lynch have been appointed to lead a $500 million 10 year deal that is expected to hit the market by Wednesday at the latest.

The choice of the three banks comes as no great surprise to most market participants, although the decision to incorporate three banks rather than two was unexpected. Merrill Lynch had always seemed assured of one slot given that it had missed out on the A3A-rated train operator's recent privatization because it acted as financial advisor to the government for the sale instead.

The main uncertainty surrounded whether the three banks that led the IPO - Goldman, HSBC and UBS...

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