Hong Kong’s Airport Authority flies away with $1.5bn perpetual

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By Morgan Davis
03 Dec 2020

Investors took a long-term view on Hong Kong Airport Authority’s $1.5bn perpetual bond on Tuesday, shrugging off any Covid-19 related travel concerns to place $14.5bn of orders. Morgan Davis reports.

The borrower, which is rated AA+ by S&P Global Ratings, sold the “Hong Kong trade of the year”, according to a syndicate banker on the deal. The transaction, which was split between two notes, was the issuer’s first perpetual bond sale. It also marked the first perpetual bond ...

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