Hong Kong airport's US$1.5 billion bond oversold by 10 times as investors clamour to bet on post Covid-19 travel recovery
Airport Authority Hong Kong (AAHK), the operator of the city's airport, said on Wednesday that it has raised US$1.5 billion by selling perpetual debt to help fund the completion of its mega third-runway project.Investors from sovereign wealth funds to insurance companies clamoured to participate in the sale and the deal's order book peaked at over US$15 billion. In the end, 280 investors across Asia and Europe took part in the transaction, driven by the belief that the pandemic is a temporary…