Swire Pacific raises $500 million with 10-year bond

Swire Pacific has raised $500 million in 10-year bonds, pricing the deal on Wednesday night Hong Kong-time. It was a low-key but successful placement, which followed the release of Swire's results last week, and discussions with investors on Monday and Tuesday.

The offering was part of the Hong Kong-listed conglomerate's $3 billion medium-term note programme, and is rated A- by Standard Poor's and the equivalent A3 by Moody's. The issuing vehicle was Swire Pacific MTN Financing and the notes are guaranteed by Swire Pacific.

The issue pays a 5.5% semi-annual coupon the lowest ever for Swire, and was re-offered at 99.529 to yield 5.562% to a maturity date of...