wharf-scores-well-with-400-million-bond

Wharf scores well with $400 million bond

Wharf Financial Limited raises the full amount, prices at the tight end, and trades up in the secondary market.
Wharf Financial Limited, a subsidiary of Wharf Holdings, has succeeded in pricing the first corporate investment-grade deal since the subprime troubles hit the market in June. The company offered a $400 million 10-year Reg-S deal on Monday at 110bp over mid-swaps, or 173.5bp over 10-year Treasuries, racking up a total order book worth $1.4 billion.

Bookrunners HSBC and UBS managed a speedy execution. The transaction was announced at 9.30am on Monday morning Hong Kong time, with an initial guidance of 110bp-120bp released an hour later. Guidance was then revised and tightened to 110bp-115bp, with the deal pricing at the tight end at 6.30pm that same evening. The deal eventually closed at the top end of...
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