Hong Kong flag carrier Cathay Pacific raised $650mn via a 5.25Y bond at a yield of 4.875%, 32.5bp inside initial guidance of 5.2% area. The bonds were unrated and received orders over $1.5bn, 2.3x issue size. Proceeds will be used for bolstering its working capital levels and for general corporate purposes. Cathay last sold US dollar bonds in 1996. Cathay said in March it was focused on preserving cash after posting a record annual loss of HK$21.65bn ($2.8bn).
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