sun-hung-kai-wobbles-but-doesnt-fall-down

Sun Hung Kai wobbles but doesnÆt fall down

The Hong Kong property developer launches a $300 million bond in the most volatile week of the year.
Sun Hung KaiÆs $300 million 10-year bond priced at 83bp over US Treasuries on Thursday evening, after markets around the world dipped on a series of bad news stories.

The trade slightly ruffled the neat run of deals so far this year, but still priced inside BBB-rated Hong Kong LandÆs 2014 bonds, which were quoted at a spread of around 86bp over US Treasuries on Thursday afternoon.

That said, A-rated Sun Hung KaiÆs higher credit quality would doubtless have yielded a tighter price last week, before the mid-week market blip that saw ChinaÆs stock markets drop around 9% in a day and New York suffer the biggest fall since the marketÆs response to September...
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