Mass Transit Railway Corp, Hong Kong's subway operator, has launched its dollar global bond issue on schedule.

The $500m (€593m) of 10-year bonds will be priced later today. The notes will yield 187bps to 190bps more than the 5.75% US Treasury due August 2010. MTRC is rated A3 by Moody's Investors Serivce and A by Standard & Poors.