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Bond Market News

Cathay Lining Up Dollar Bond

May 7, 2021

Hong Kong flag carrier Cathay Pacific is sounding out investors for a potential dollar denominated bond, its first in about 25 years as per Reuters. The airline has hired Bank of China (Hong Kong), Citigroup, HSBC and SMBC Nikko as joint lead managers and joint bookrunners for the proposed deal, expected to have a 5Y tenor as per IFR. This comes after Cathay raised HKD 6.74bn ($868mn) via convertible bond in February and prior to that, S$ 175mn ($131mn) via a 3Y bond issued in January last year. The HKD 2.75% convertible due 2026 and SGD 3.375% bond due 2023 are currently trading at 104.83 and 99.13, yielding 1.68% ad 3.91% respectively on the secondary markets. The carrier has been severely hit by the travel ban on the back of the pandemic, which led it to report a record annual loss of HKD 21.65bn ($2.79bn) for 2020.

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