With investors still holding on to plenty of cash and borrowers willing to pay up, the Asian dollar bond market continues to be active. Hong Kong property company Wharf Holdings last night priced a $600 million five-year bond, which drew roaring demand from investors.
The deal was marketed in the area of Treasuries plus 415bp and priced at Treasuries plus 400bp, 15bp inside of the initial guidance. The deal size was expected to be $300 million to $400 million but was upsized to $600 million, after attracting demand of $4.25 billion from 296 accounts. Asian investors were allocated 73% and the rest went to European investors.
HSBC...
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