Rare issue from Hang Lung prices inside curve

By Virginia Furness
10 Apr 2014

Hang Lung Properties priced a rare seven year bond on April 10 while managing to come in under its existing curve. Though unrated, the issuer is a household name in Hong Kong, and Asian investors lapped up the new offering.

Joint bookrunners HSBC and JP Morgan opened guidance at 250bp area over the seven year Treasuries, before tightening to final guidance of 235bp-240bp. The bond priced at 235bp and raised $500m.

While property bonds have not been seen in the market since March 12, when Fransion Brilliant priced ...

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