Arrangers are claiming a first with the successful sale into the Hong Kong retail market of a US-dollar denominated minibond, credit-linked to Li Ka-shing's flagship conglomerate Hutchison Whampoa. The initial issue size was set at US$50 million but was increased to $80.5 million to meet all the orders, according to Sun Hung Kai Financial Group, which co-ordinated distribution. The three-year minibond carries a fixed coupon of 4.3 per cent and could have its maturity extended by a further three years at the discretion of the issuer. Subscribers gained a higher coupon on the minibond because they are open to credit risk should Hutchison default on its bonds or go bankrupt during the life of the issue. The issue was the first of its type in the SAR, although minibonds on Hutchison were issued in Hong Kong dollars last year directly backed by Hutchison bonds bought in the market.