Hutchison, Wharf blow away cobwebs with debt double

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Hutchison, Wharf blow away cobwebs with debt double

February 03, 2012

Hong Kong conglomerates Hutchison Whampoa and Wharf Holdings raised a combined $1.6bn this week, becoming the first issuers to test the bond market after the previous week’s Chinese New Year holidays.

The two companies took advantage of historically low absolute yields, while still managing to offer juicy premiums to investors.

Hutchison made a rapid return to the international bond market on Tuesday, raising $1bn from the increase of a dual-tranche deal...

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OFFSHORE RMB DCM

Rank

Bookrunner

Value ($m)

No.

%Share

2011 YTD Rank

HSBC

1,439

33.0

Bank of China Ltd

1,079

24.8

Standard Chartered Bank

513

11.8

Citi

208

4.8

Barclays

198

4.5

Deutsche Bank

159

3.6

Goldman Sachs

152

3.5

RBS

136

3.1

BNP Paribas

2.2

JPMorgan

1.8

Subtotal

4,059

93.2

Total

4,356

100.0

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11 May 2012 | While China may have ambitions to fully internationalise the renminbi, multinational corporations are still disinclined to adopt the currency and are unlikely to change their minds anytime soon.

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