Li Fung, the Hong Kong trading and sourcing company, has raised $400 million from a 10-year offering -- its second US dollar bond ever. Arguably, the company could have chosen a betting timing for the transaction given the deterioration and heightened volatility in global markets over the past week. When Li Fung announced the bond yesterday morning, Asian investment grade spreads were about 5bp-10bp wider than the previous day and during the marketing they widened another 10bp-15bp.
However, the company had received strong interest from high-quality real money accounts on the back of a non-deal roadshow in Singapore, Hong Kong and London on Monday and Tuesday this week, and didn't want to pass on the...
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