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 11.
Citigroup and HSBC acted as joint bookrunners on the trade.
The bonds are printed with a coupon of 5.375% and were offered to international investors outside the US under Regulation S. At the time of writing, no details were available on the distribution of the deal.
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