Swire Pacific returned to the dollar bond market for the first time in almost exactly two years on Monday with a $500 million 10-year Reg S deal that priced very close to its outstanding curve.
The A3A-A- rated credit felt confident in pushing for fairly aggressive pricing after building up a $1.6 billion order book on the back of indicative pricing around 190bp over Treasuries. This was subsequently revised to 2.5bp either side of 172.5bp, leading to a slight drop off in investor demand to roughly $1.4 billion.
Final pricing came at 99.893% on a coupon of 3.875% to yield 3.888% or 172.5bp over...
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