Published on 2/29/2024 in the Prospect News Emerging Markets Daily.
New Issue: Hong Kong Mortgage issues HK$12 billion of notes in three parts
Chicago, Feb. 29 – Hong Kong Mortgage Corp. Ltd. issued HK$12 billion of notes in three parts (Aa3/AA+), according to an offering document.
The deal included HK$8 billion of 4¼% notes with a two-year tenor, HK$3 billion of 4.1% five-year notes and HK$1 billion of 4.2% 10-year notes. The notes priced at par.
Bank of China (Hong Kong) Ltd., Credit Agricole CIB, Hongkong and Shanghai Banking Corp. Ltd. and Standard Chartered Bank were the joint global coordinators and joint lead managers.
Australia and New Zealand Banking Group Ltd., BNP Paribas, China Construction Bank (Asia) Corp. Ltd., Citigroup Global Markets Ltd., DBS Bank Ltd., Industrial and Commercial Bank of China (Asia) Ltd., Mizuho Securities Asia Ltd. and United Overseas Bank Ltd., Hong Kong Branch joined as joint bookrunners.
Bank of Communications Co., Ltd. Hong Kong Branch, Barclays, China Citic Bank International Ltd., China International Capital Corp. Hong Kong Securities Ltd., J.P. Morgan Securities plc, Morgan Stanley & Co. International plc, Oversea-Chinese Banking Corp. Ltd. and SMBC Nikko Securities (Hong Kong) Ltd. were joint lead managers.
Proceeds will be used to meet general financing requirements.
Hong Kong Mortgage is a government-controlled buyer of home loans.
| Issuer: | Hong Kong Mortgage Corp. Ltd.
|
| Amount: | HK$12 billion
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| Issue: | Notes
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| Bookrunners: | Bank of China (Hong Kong) Ltd., Credit Agricole CIB, Hongkong and Shanghai Banking Corp. Ltd., Standard Chartered Bank (joint global coordinators), Australia and New Zealand Banking Group Ltd., BNP Paribas, China Construction Bank (Asia) Corp. Ltd., Citigroup Global Markets Ltd., DBS Bank Ltd., Industrial and Commercial Bank of China (Asia) Ltd., Mizuho Securities Asia Ltd., United Overseas Bank Ltd., Hong Kong Branch (joint bookrunners), Bank of Communications Co., Ltd. Hong Kong Branch, Barclays, China Citic Bank International Ltd., China International Capital Corp. Hong Kong Securities Ltd., J.P. Morgan Securities plc, Morgan Stanley & Co. International plc, Oversea-Chinese Banking Corp. Ltd. and SMBC Nikko Securities (Hong Kong) Ltd. (joint lead managers)
|
| Counsel to issuer: | Clifford Chance
|
| Counsel to underwriters: | Allen & Overy
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| Call features: | Non-callable
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| Trade date: | Feb. 21
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| Settlement date: | Feb. 28
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| Ratings: | Moody’s: Aa3
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| S&P: AA+
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| Distribution: | Regulation S
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|
|
| Two-year notes
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| Amount: | HK$8 billion
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| Maturity: | Feb. 28, 2026
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| Coupon: | 4¼%
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| Price: | Par
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| Yield: | 4¼%
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| ISIN: | HK0000993334
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|
|
| Five-year notes
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| Amount: | HK$3 billion
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| Maturity: | Feb. 28, 2029
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| Coupon: | 4.1%
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| Price: | Par
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| Yield: | 4.1%
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| ISIN: | HK0000993342
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|
|
| 10-year notes
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| Amount: | HK$1 billion
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| Maturity: | Feb. 28, 2034
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| Coupon: | 4.2%
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| Price: | Par
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| Yield: | 4.2%
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| ISIN: | HK0000993359
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