Sun Hung Kai prints $500 million bond through StanChart

Sun Hung Kai Properties, a Hong Kong-listed developer, last night priced a $500 million five-year bond at Treasuries plus 245bp, at the tight end of the Treasuries plus 245bp to 250bp guidance.

Standard Chartered acted as sole bookrunner, which is a rare role in Asia’s bond market these days. The notes pay a 3.5% coupon and were reoffered at 99.901 to yield 3.522%.

Sun Hung Kai announced the deal at around 11am on Monday as a benchmark-size offer and told investors it would not exceed $500 million. Standard Chartered had quietly sounded out investors on Thursday and Friday, and already found a few anchor orders for about...