House banks Goldman Sachs, HSBC and UBS priced an increased $600 million Reg S bond issue for MTR Corp yesterday. The A1AAA- rated deal was increased by $100 million after accumulating an order book of $1.9 billion and priced inside initial guidance.
Terms comprise a 10-year maturity with an issue price of 99.121%, coupon of 4.75% and yield of 4.862%. This equates to a spread of 83bp over Treasuries, or 44bp over Libor. Fees total just 15bp and there is no other syndicate.
Just over 130 investors participated in the deal with a geographical split that saw 75% placed into Asia and 25% into Europe. When the group...
