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PROPERTY investment, management and development group Hongkong Land has established a US$3 billion guaranteed medium-term note programme to raise funds when necessary.
The programme allows for the issue of notes in multiple currencies, with a tenor of up to 30 years and for listing on the Singapore Exchange (SGX). It is designed to facilitate access to debt capital markets promptly to raise funds as and when needed.
Notes issued under the programme will be unsecured and guaranteed by The Hongkong Land Company.
Hongkong Land chief financial officer Geoffrey Brown said: 'While there are no immediate plans for an issue of bonds under the programme, it does provide the group great flexibility in raising funds through the bond markets with a minimum of administrative burden.
'It will allow Hongkong Land to act swiftly to raise debt when market conditions are favourable and assist the group in the pursuit of its development goals,' he added.
The programme is rated A3 by Moody's Investor Service and BBB+ by Standard & Poor's.
It has been arranged by HSBC and Standard Chartered Bank (Hong Kong). A total of 14 dealers have been appointed including Bank of China (Hong Kong), Barclays Capital, Citi, DBS Bank, JP Morgan, Oversea-Chinese Banking Corporation and UBS.
A member of the Jardine Matheson Group, Hongkong Land has premium commercial and residential developments throughout the region. The group owns and manages some 5 million square feet of commercial space in Hong Kong, and has a number of major developments in Singapore. It owns 77 per cent of MCL Land, a Singapore-listed residential developer.
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