Hysan, the Hong Kong property developer, is set to sign a $1 billion Euro-MTN programme on December 7. The facility has been joint-arranged by Merrill Lynch and Morgan Stanley. The signing of the programme further boosts the real estate sector following the signing of HVB Real Estate's euro25 billion ($22.25 billion) Euro-MTN programme last month. And issuance in the sector has been particularly strong since September, considering the relatively small number of real estate issuers - just eight. Collectively they have raised $757.03 million. Unibail, the most frequent issuer in the sector, has seen its issuance soar since September 11 (see MTNWeek, issue 257). Mitsui Fudosan International Capital closed a ¥4 billion ($32.51 million) note and fellow Hong Kong issuer, Sun Hung Kai Properties Capital Market, has also been active since September. One dealer spoke to MTNWeek last month and said: "The real-estate sector has proven itself by holding in the market very well in an unsettled period." The dealer panel comprises the arrangers, BNP Paribas, Deutsche Bank (also the IPA), Goldman Sachs, HSBC, Standard Chartered Bank and UBS Warburg.
Hysan adds to the boom in Euro-MTN real estate sector