Hong Kong Link 2004 Limited’s HK$6bn securitisation of HKSAR government-owned tolled tunnels and bridges
Citigroup and HSBC were joint lead managers and bookrunners
The Hong Kong government successfully completed its debut HK$6bn securitisation of tolled tunnels and bridges through Hong Kong Link 2004 Limited, notable for the speed of execution, impressive pricing and the quality and breadth of investor participation.
The judges took account of the milestone nature of the transaction in Asia outside Japan: it is the largest cash securitisation; the first securitisation of tolled facilities; the first securitisation to be publicly marketed to retail investors; and it benefited from the widest distribution network ever assembled. It is the first bond issue in Hong Kong to be simultaneously offered to retail and institutional investors and the first securitisation to be listed on the Hong Kong Stock Exchange.
