swire-succesfully-retaps-its-10year-bond

Swire succesfully re-taps its 10-year bond

HSBC and Morgan Stanley price a new upsized tap of Swire's March 2016 MTN inside of initial guidance.
Swire Pacific, owner of Cathay Pacific, has completed an upsized re-tap of its A3A- rated $360 million 10-year offering. The deal is issued via Swire Pacific MTN Financing and is guaranteed by Swire Pacific. Both the previous deal and the re-tap were led by HSBC and Morgan Stanley.

The tap of the 10-year transaction is a $240 million offering that prices off a 5.625% coupon but is priced at 100.479% with a re-offer yield of 5.558% or a spread of 94bp over 10-year US Treasuries.

The original Reg-S transaction priced at 99.547% on a coupon of 5.625% to yield 5.685%, equivalent to 100bp over comparable US Treasuries or around 47bp over Libor. Prior to...
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