Henderson Land joins dollar bond rush with $400 million print

Henderson Land jumped on the funding bandwagon last night, joining a growing crowd of Hong Kong companies that have tapped the market this year. The property developer priced a $400 million five-year bond at Treasuries plus 415bp, about 10bp inside the initial guidance, which was in the area of Treasuries plus 425bp.

DBS, HSBC, J.P. Morgan, Morgan Stanley and Standard Chartered were joint bookrunners. The coupon for the bonds, which mature on February 14, 2017, was fixed at 4.75% and the notes were reoffered at 99.215 to yield 4.929%.

Henderson Land was founded in 1976 by its current chairman Lee Shau Kee and is one...