swire-pacific-bonds-tighten-in-aftermarket

Swire Pacific bonds tighten in aftermarket

The first bonds issued by a pure corporate in Asia since October last year perform well in the secondary market.
Swire Pacific, one of Hong KongÆs leading listed companies, became the first non government-linked corporate to price a deal in the Asian bond market on Monday when it closed a $400 million Reg-S 10-year transaction at 230bp over mid-swaps, or 293.6bp over 10-year Treasuries, via HSBC and JPMorgan.

The strength of SwireÆs credit story allowed for a very strong participation from private banks keen to get their hands on a well-known regional name, and a good long-term performer. ôThe blue-chip factor played a crucial role in the successful execution of the transaction in challenging markets,ö says a source close to the deal. The transaction launched and priced in 8 hours.

The deal priced at...
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