Swire takes rare dip into the offshore debt markets

Hong Kong conglomerate launches rare international deal in search of diversified funding.
Despite recent volatility throughout the international debt markets, Swire Pacific, owner of Cathay Pacific, has completed a A3A- rated $360 million 10 year offering via HSBC and Morgan Stanley.

The Reg S transaction priced at 99.547% on a coupon of 5.625% to yield 5.685%. This equivalent to 100bp over comparable US treasuries or around 47bp over Libor. The notes were issued under the conglomerate's $1.5 billion Medium Term Note Programme.

The order book closed with 66 accounts for a total book size of $600 million, an oversubscription ratio of about 1.7 times. In terms of geographical distribution, Asian accounts bought 65%, while European accounts bought the other 35%. By account type, banks bought the...

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