Hutchison Whampoa showed a return to form yesterday Tuesday with a successful re-opening of its February 2013 bond. The $1 billion deal not only represents Asia's largest ever re-opening, but also now becomes the biggest single tranche issue traded in the Asian market. At a total issue size of $2.5 billion, it just pips an outstanding $2 billion bond by Petronas.
On a global basis it is extremely rare to see a corporate borrower attempt a tap of such a large size and the A3A rated group has won many plaudits for its timing and strategy. As one Asian DCM head puts it, What better way to underline your market access than...
