HKCG ends dollar absence with first hybrid

By Steven Gilmore
24 Jan 2014

Hong Kong and China Gas (HKCG) sold its first hybrid perpetual bond this week, finding strong demand for its entry into the asset class. The $300m non-call five deal was its first dollar bond since 2008, and rarity and a sound structure helped produce a successful print, said bankers on the deal.

Bookrunners HSBC, JP Morgan and Morgan Stanley set guidance in the 5% area, revising this to 4.75%-4.875% and pricing the bond at 4.75%. Bankers on and off the deal agreed the pricing was a great result for the borrower.

“They could have done a long dated deal around ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial