CK Infrastructure finds lukewarm demand for perp
Cheung Kong Infrastructure Holdings sold a fixed-for-life hybrid bond denominated in dollars on Wednesday. The deal did not draw an overwhelming response, but market participants said overall demand for the structure is muted.
HSBC and UBS were joint bookrunners and joint lead managers on the Reg S trade, and released initial price guidance for the perpetual non-call five year in the 5% area.
The new subordinated perp was identical in structure to CKI’s $1.2bn 5.875% perp NC5
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