SHKP doubles note issue to $1b

Sun Hung Kai Properties (SHKP) has increased the size of its two-year fixed-rate note issue to $1 billion from $500 million.

Due in April 2001, this is the largest single-tranche Hong Kong dollar issue launched under SHKP's euro medium-term note programme.

It carries a coupon of 8 per cent.

SHKP said the demand for the paper demonstrated the group's ability to diversify its funding base.

The issue was in line with a policy of balancing its debt maturity profile, the company said.

The euro medium-term note programme was established last month. In addition to the latest issue, the company has launched two private placements.