Hong Kong conglomerate Hutchison Whampoa returned to the euro-denominated bond market for the first time in nearly two years yesterday June 22 with a 1 billion deal via ABN AMRO, Deutsche Bank and HSBC.
The 10-year transaction was a runaway success, attracting an order book that closed five-and-a-half times covered after a rapid four-hour bookbuild. In the process, the A3A-A- rated group not only managed to beat the PRC to bring the lowest coupon on record for an Asian borrower, but did so on the back of aggressive pricing.
Based on an issue price of 99.75%, the deal has a long first coupon...
