HKMC issues $3.3b nfrastructure loan-backed securities

It has 28 loans across 26 projects.

The Hong Kong Mortgage Corporation Limited (HKMC) completed its second $3.3b (USD423.3m) infrastructure loan-backed securities (ILBS) issuance through a special purpose vehicle (SPV), Bauhinia ILBS 2 Limited (Bauhinia 2).

Bauhinia 2 has 28 loans across 26 projects spreading across 14 countries and 10 sub-sectors. In total, five classes of notes were issued: Class A1-SU, Class A1, Class B, Class C and Class D), all of which are investment grade rated, with an aggregate principal of $3b (US$386.7m).

Class A1-SU is a US$107m sustainability tranche backed by sustainable, green and social assets.  

Asian Infrastructure Investment Bank (AIIB), participated as an anchor investor with a $2.3b (USD300m) investment.

China International Capital Corporation Hong Kong Securities Limited, ING Bank N.V., Singapore Branch, MUFG Securities Asia Limited, Natixis Hong Kong Branch and Standard Chartered Bank are the Joint Bookrunners.  

Fubon Bank (Hong Kong) Limited and Korea Investment & Securities Co., Ltd. are the Co-Managers whilst Standard Chartered Bank is the Sole Global Coordinator. 

(HKD1=US$0.13)