Hong Kong starts roadshow Wednesday for HK$20 billion global bond debut

By Reshmi Basu

New York, July 7 - The Hong Kong Government started a roadshow for its HK$20 billion U.S. dollar-denominated and local-currency bond offering Wednesday, according to a market source.

The roadshow started Wednesday in Singapore and will move to Europe and the United States from July 12 to 14.

The bond offering comprises three parts: the U.S. dollar-denominated bonds, the local-currency retail bonds and the local currency institutional tranche.

The U.S dollar offering is expected to be $1 billion to $1.25 billion of 10-year global notes (A1/A-). Pricing is expected to be in the area of Libor plus 25 basis points.

The Hong Kong dollar-denominated bonds will be broken down into two- and four- year notes to be offered to Hong Kong retail investors.

The two-year notes are expected to carry a 2.13% coupon and the four-year notes will carry a 3.38% coupon.

The Hong Kong institutional tranche is expected to include five- and 15-year tranches.

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