Li Ka-shing’s HK Electric HKE executed its first benchmark dollar bond deal in just over five years on Thursday with an aggressively priced $750 million offering.
The 10-year Reg S transaction was timed to take advantage of a risk-on move in US Treasuries, which pushed investment grade credit tighter across the board on Thursday.
Both of Wednesday's new issues for BOC Aviation and the Federation of Malaysia tightened 8bp to 10bp in secondary market trading as US Treasury yields increased, with the 10-year Treasury closing New York trading on Wednesday around the 1.84% level.
However, the big drop off in HKE’s...
¬ Haymarket Media Limited. All rights reserved.
