The Reg S notes are being offered to investors to yield 260 basis points to 265 basis points more than similar-maturity Treasuries, according to a person familiar with the matter. The notes were earlier marketed at a spread of about 275 basis points, or 2.75 percentage points, the person said, asking not to be identified because the details are private
The notes may be sold as early as today and the planned sale is benchmark in size, the person said. Benchmark typically means at least $500 million.
Maisie Shun Wah, a spokeswoman at Swire Pacific, confirmed the company hired the two banks to market a 10-year dollar bond when contacted by telephone in Hong Kong today. She declined to comment on the size of the sale or the spread.
Hong Kong-based Swire Pacific last sold dollar notes in August 2009, when it raised $500 million from a 5.5 percent bond due August 2019, according to data compiled by Bloomberg.
The company has some HK$50 billion ($6.4 billion) of debt outstanding, including two other 10-year U.S. dollar bonds, the data show.
To contact the reporter on this story: Rachel Evans in Hong Kong at email@example.com