‘Standard’ Hutch bond deal raises $1.5 billion

But in a departure from its usual style, Hutchison Whampoa adds Bank of America Merrill Lynch and Citi as bookrunners alongside house banks Goldman Sachs and HSBC.

Hutchison Whampoa, controlled by Hong Kong tycoon Li Ka-shing, hit the market running early this week with a $1.5 billion dual-tranche bond. The deal was announced on Monday, beating a heavy supply pipeline of Asian dollar bonds.

No roadshows were held and the deal was slickly executed as is usually the case with a seasoned borrower such as Hutch. The Hong Kong-based conglomerate mandated banks last week and, by the weekend, was ready to go, ahead of the US presidential elections.

“It was a standard Hutch operation,” said one banker. “They were prepared. They decided to go ahead of the US elections and got ahead of heavy...

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