Having started roadshows with the intention of pricing a $300 million 10 year deal at a 10bp to 15bp premium to Hutchison Whampoa, Hong Kong Land has ended them with a $600 million deal 4bp through Hutch and without a new issue premium. For those who doubted the wisdom or veracity of opting for such an aggressive benchmark, a final order book just shy of $2.5 billion would seem to suggest otherwise.
Relative to initial issue size, Hong Kong Land has attracted the largest order book so far this year, with the transaction closing yesterday Wednesday, eight times oversubscribed. Led by Goldman Sachs, HSBC and JPMorgan, the A-A3 rated credit priced...
