Jan. 31, 2012 (China Knowledge) - Hong Kong-listed
property developer Wharf (Holdings) Ltd<0004
>, a subsidiary of Wheelock and Co Ltd<0020
>, yesterday decided to upsize its five-year bond issue to be in the range of US$500 million to US$600 million from previous range between US$300 million and US$400 million, due to strong market demand.
The issuer said it made the decision after attracting demand of US$4.25 billion from 296 accounts.
Yield of the bonds will be 415 basis points over Treasury, said a person familiar with the matter, adding that Asian investors were allocated 73% and the remaining 27% went to European investors.
HSBC Holdings Plc<0005
>, the biggest foreign bank in mainland China, U.S.-based financial holding company JPMorgan Chase & Co and Standard Chartered have been assigned as joint bookrunners.
The bond is expected to be rated A- by Fitch Ratings.