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Hutchison Whampoa prices US$1 bln-bond deal

Feb. 1, 2012 (China Knowledge) - Hutchison Whampoa Ltd<0013>, controlled by Hong Kong billionaire Li Ka-Shing, has priced its US$1 billion worth of two tranches of bonds in the U.S. credits markets.

One tranche of US$500 million, five-year bonds, with a coupon rate of 3.50%, is priced to yield 3.216% or 250 basis points (bps) over comparable Treasurys. The other tranche of US$500 million, ten-year bonds, with a coupon rate of 4.625%, is priced to yield 4.659% or 285 bps over Treasurys, sources reported.

Earlier last month, Hong Kong-listed Hutchison Whampoa sold US$1.5 billion worth of unsecured five-year and ten-year bonds with the yield of 275 bps over Treasurys.

The five-year tranche was trading at 218 to 228 bps over Treasurys with a coupon rate of 3.50%, while the 10-year tranche was trading at 257 to 263 bps over Treasurys with a coupon rate of 4.625%.

Goldman Sachs and HSBC Holdings Plc<0005> have been assigned as bookrunners on the planned deal. Moody's Investors Service has rated the bonds A3, while ratings of A- were made by Fitch Ratings and Standard & Poor's Ratings Services.






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