Hong Kong-based hotel operator Shangri-La Asia last night priced its $600 million five-year debut bond amid a warm welcome from the market. The deal was unrated but that did not deter investors the total order book exceeded $7 billion from more than 200 accounts. This enabled the deal to be upsized to $600 million from an expected $500 million.
The bonds priced at Treasuries plus 375bp, which was at the tight end of the final guidance at Treasuries plus 375bp to 387.5bp. The initial guidance was in the area of Treasuries plus 400bp. Bank of China, Credit Agricole, HSBC and Morgan Stanley were joint bookrunners.
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