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Wheelock prices US$400-mln 5-year bond to yield 4.872%

Feb. 16, 2012 (China Knowledge) - Wheelock and Co Ltd<0020>, a Hong Kong-listed investment holding company and the parent co of property developer Wharf (Holdings) Ltd<0004>, has priced a US$400 million five-year bond at 99.662 to yield 4.827%.

The yield equates to a spread of 400 basis points over the rate of 0.875% January 2017 U.S. Treasury, tighter than the previous forecast of 420 bp over Treasury’s, sources reported.

The bonds, issued via Wheelock Finance Ltd, attracted US$4.5 billion of investment from more than 200 accounts, with a coupon rate of 4.75%.

About 82% of the bonds were sold in Asia, while the remaining 18% in Europe. By type of investors, fund managers accounted for 44%, private banks 30%, other banks 18% and corporate and insurance companies 8%, said a person familiar with the matter.

Singapore's DBS Group, HSBC Holdings Plc<0005> and Standard Chartered Bank have been assigned as joint bookrunners on the senior unsecured bonds.

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