(Bloomberg) -- The Airport Authority of Hong Kong sold around $7 billion of bonds in three currencies over the course of the week, in one of the largest multi-currency offerings by a Hong Kong company.
The Hong Kong government’s statutory body sold a three-tranche dollar bond that raised $4.15 billion. The 3.5-year, 5.5-year, and 10-year notes yield 4.75%, 4.875% and 5.125%, respectively, according to a person familiar with the matter.
Earlier this week the HKAA sold HK$18.5 billion ($2.4 billion) of bonds in the largest-ever issuance in the financial hub’s local currency. It also sold 10-year and 30-year dim sum notes totaling 3.2 billion yuan ($436 million).
Proceeds of the issuance will be used for refinancing and funding capital expenditures, including the airport’s three-runway project and general corporate purposes, according to the person.
Hong Kong’s aviation sector has struggled to bounce back after years of isolation during the Covid-19 pandemic. Flagship airline Cathay Pacific Airways Ltd. has yet to return to full strength and the airport is struggling to appeal to major foreign airlines — particularly those who need to fly around Russian airspace, forcing a longer round trip.
Meanwhile, the city’s $18 billion airport expansion, originally due to the completed by the end of 2024, has been delayed until at least the end of this year.
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