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Wharf upsizes bond issue to US$600 mln

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.

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