New Issue: Hong Kong's Hang Seng sells $450 million 10-year bonds at Libor plus 30 bps coupon

By Reshmi Basu

New York, June 23 - Hong Kong's Hang Seng Bank Ltd. sold an upsized $450 million offering of 10-year floating-rate notes (Aa3 expected) at 99.869 with a coupon of Libor plus 30 basis points, according to a market source.

After July 2011, the coupon will step up to the prevailing three-month Libor plus 80 basis points. The notes will be callable in 2011 at par.

The issue was increased from $400 million.

HSBC managed the deal.

Issuer:	Hang Seng Bank Ltd.
Amount:	$450 million
Issue:	Floating-rate notes
Maturity:	July 6, 2016
Coupon:	Libor plus 30 basis points
Issue price:	99.869
Call option:	Callable on July 6, 2011 at par
Pricing date:	June 23
Settlement date:	July 5
Bookrunner:	HSBC
Rating	:	Moody's: Aa3 (expected)

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