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27 October 2021

BBVA acted as joint bookrunner in CK Hutchison’s dual-tranche 8 & 12 years bond transaction

     

BBVA, acting as Joint-Bookrunner, has been involved in the dual-tranche 8 & 12 years bond transaction by CK Hutchison, being the latter the company's inaugural Green Bond.

   
  • The deal represents the return of CK Hutchison to the Euro market after three years, following an intensive Roadshow with more than 30 investors.
  • The company successfully priced EUR 500 million 0.75% notes due November 2029 and EUR 500 million 1% Green notes due November 2033 (yield to maturity of 0.755% and 1.092%, respectively).
  • The transaction was launched at MS+65 bps for the 8 year tranche and at MS+80 bps for the Green 12 year, following a combined demand in excess of EUR 1.3bn that allowed for an adjustment of 15 and 20 bps from IPTs.
  • CK Hutchison released the group's inaugural Sustainable Finance Framework addressing their commitment to the UN’s SDGs. The proceeds from the Green tranche will be used to finance, in whole or in part, assets and sustainable projects. Sustainalytics acted as Second Party Opinion for the transaction.
Group Sustainability Framework