KCRC prices tight 10 year in quickfire bond sale

11 May 2009

Kowloon-Canton Railway Corp (KCRC), Hong Kong’s government-owned rail network operator, sold a $750m 10 year bond on Monday night, pricing the deal almost flat to its existing curve after a rapid bookbuilding process.

Citi, Deutsche Bank and HSBC acted as lead managers on the deal, which was priced at 99.659 to yield 195bp over Treasuries off a 5.125% coupon.

That was at the tight-end of official guidance, set between 195bp and 205bp over Treasuries on Monday afternoon after whispers in "the ...

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