Published on 2/21/2012 in the Prospect News Emerging Markets Daily.
New Issue: China's Swire Pacific sells $500 million 4½% 10-year notes at Treasuries plus 260 bps
By Paul A. Harris
Portland, Ore., Feb. 21 - Hong Kong-based conglomerate Swire Pacific Ltd. has priced a $500 million issue of 4½% 10-year fixed-rate notes (A3/A-/A) at a 260 basis points spread to Treasuries, according to market sources.
Guidance on the notes was 275 bps.
HSBC and JPMorgan were the bookrunners.
| Issuer: | Swire Pacific Ltd.
|
| Face amount: | $500 million
|
| Proceeds: | $495,105,000
|
| Maturity: | Feb. 28, 2022
|
| Securities: | Fixed-rate notes
|
| Bookrunners: | HSBC, JPMorgan
|
| Coupon: | 4½%
|
| Price: | 99.021
|
| Spread: | Treasuries plus 260 bps
|
| Trade date: | Feb. 21
|
| Settlement date: | Feb. 28
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A
|
| Distribution: | Regulation S
|
| Guidance: | Treasuries plus 275 bps
|
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