Sun Hung Kai scores with sophisticated fixed to FRN bond

Sun Hung Kai Properties sold a $400m 10 year non call five bond on Tuesday, its first issue for more than a year. The innovative structure included a floating rate step-up that bankers said saved 100bp on each coupon payment compared to what it would have paid for a ten year bullet.

  • By Virginia Furness
  • 19 Feb 2014
Investors certainly liked the deal, which was increased from $300m. The novel structure prices and trades off the five year US Treasury. If it is not called in year five, the coupon resets to six month dollar Libor plus the spread over five year mid-swaps, which in this ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 28.15
2 CITIC Securities 21.52
3 China CITIC Bank Corp 9.93
4 China Merchants Bank Co 9.38
5 Industrial and Commercial Bank of China (ICBC) 7.73

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
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1 CITIC Securities 11,427.98 67 5.85%
2 Goldman Sachs 9,298.39 45 4.76%
3 UBS 9,294.44 70 4.76%
4 China Securities Co Ltd 9,276.15 41 4.75%
5 China International Capital Corp Ltd 9,131.08 44 4.68%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 28,421.28 190 8.22%
2 Citi 25,455.77 157 7.36%
3 JPMorgan 21,282.04 124 6.15%
4 Bank of America Merrill Lynch 18,072.67 94 5.23%
5 Standard Chartered Bank 14,573.61 109 4.21%

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