Hutchison Whampoa plans to raise up to Euro1 billion (HK$9.87 billion) from selling 10-year bonds today, market sources said. The ports-to-telecommunications conglomerate and sole bookrunner HSBC are looking to price the bonds at about 65 basis points above mid-swaps, a benchmark for corporate borrowing, the sources said yesterday. 'It's a fair price and should go over quite well - the market is quite strong,' said one market observer. Hutchison has the equivalent of HK$130 billion in bonds outstanding including three euro-denominated bonds totalling Euro2.2 billion, according to Bloomberg data. The 10-year, euro-denominated bonds Hutchison sold last year trade at 75.9 basis points above nine-year German government bonds, while another 10-year euro deal the company sold in 2003 trades at 69.5 basis points more than seven-year German government debt. Standard & Poor's rates Hutchison's long-term debt A-minus, four notches above non-investment grade, with a negative outlook. Moody's Investors Service rates the company with a similar A3 rating with a stable outlook. Hutchison arranged a HK$9 billion syndicated loan earlier this month to refinance a similar amount of loans taken out three years ago. The company's total debt, including loans and bonds, rose to HK$265 billion at the end of June from HK$259.5 billion at the end of last year, according to Hutchison's financial reports. Net profit rose to HK$18.8 billion in the first half from HK$9.4 billion a year ago because of a one-off gain and an improving 3G mobile-telephone unit. It earned HK$24 billion from the sale of a 20 per cent stake in its port unit while 3G losses fell 40 per cent to HK$12 billion.