The $4 billion bond from the Airport Authority Hong Kong (AAHK) was quite the curtain-raiser for Asian debt capital markets (DCM) in 2022. It had a bit of everything: record-breaking scale; pointers on investor sentiment in a strikingly unpredictable new year environment; and a greenwashing debate.
The multi-tranche 144a/RegS senior unsecured notes offering was made up of a $600 million 40-year tranche, 30- and 10-year tranches at $1.2 billion apiece, and a $1 billion five-year green tranche.
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