Wheelock attracts funds with $500 million five-year bond

The unrated property-focused holding company hits sweet spot with five-year tenor.
<div style="text-align: left;">
The Times Square shopping mall in Hong Kong (AFP) </div>
<div style="text-align: left;"> The Times Square shopping mall in Hong Kong (AFP) </div>

Hong Kong stock exchange-listed Wheelock Co last night priced its $500 million five-year bond, attracting strong interest from fund managers.

Wheelock Co is unrated but is perceived to be an investment-grade name. It was founded  in Shanghai in 1857 and is headquartered in Hong Kong.

Wheelock holds a 51% stake in Hong Kong-listed Wharf Holdings, a major Hong Kong landlord whose assets include prime retail real estate landmarks Times Square and Harbour City. Wharf is rated, but its rating has been coming under pressure.

Wheelock issued its debut dollar bond in February 2012 and followed up with a tap later in the year, so this is the third time it is approaching...

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