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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