Wharf upsizes bond to $600 million amid roaring demand

Hong Kong property company Wharf Holdings attracts an order book in excess of $4.25 billion, while Cikarang Listrindo is set to test the high-yield market.
<div style="text-align: left;">
Hong Kong's Times Square, one of Wharf's landmark properties
</div>
<div style="text-align: left;"> Hong Kong's Times Square, one of Wharf's landmark properties </div>

With investors still holding on to plenty of cash and borrowers willing to pay up, the Asian dollar bond market continues to be active. Hong Kong property company Wharf Holdings last night priced a $600 million five-year bond, which drew roaring demand from investors.

The deal was marketed in the area of Treasuries plus 415bp and priced at Treasuries plus 400bp, 15bp inside of the initial guidance. The deal size was expected to be $300 million to $400 million but was upsized to $600 million, after attracting demand of $4.25 billion from 296 accounts. Asian investors were allocated 73% and the rest went to European investors.

HSBC...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222