By Paul A. Harris
St. Louis, March 24 - Hong Kong-listed Swire Pacific Ltd. priced a $360 million issue of 5 5/8% 10-year eurobonds (A3/A-) yielding a 100 basis point spread to U.S. Treasuries on Thursday, according to a market source.
The spread came in the middle of the Treasuries plus 98 to 102 bps price talk, which had been revised from earlier talk of the 90 bps area.
The new notes came at a dollar price of 99.547 to yield 5.685%.
HSBC and Morgan Stanley managed the sale of notes, which were priced off of the company's euro medium-term note program.
Proceeds will be used for general corporate funding requirements.
The company was understood to concurrently be in the market with a HK$1.8 billion offering of seven-year notes (A3) via HSBC. However no terms were heard on that offering, according to a market source.
Swire Pacific has property, aviation, beverages, marine services and trading and industrial interests.
| Issuer: | Swire Pacific Ltd.
|
| Amount: | $360 million
|
| Maturity: | March 30, 2016
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| Security description: | Eurobonds
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| Bookrunners: | HSBC, Morgan Stanley
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| Coupon: | 5 5/8%
|
| Price: | 99.547
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| Yield: | 5.685%
|
| Spread: | 100 bps
|
| Trade date: | March 23
|
| Settlement date: | March 30
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Series: | Euro medium-term note program
|
| Price guidance: | Treasuries plus 98-102 bps (revised from 90 bps area)
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