PCCW changes bond strategy, gets big pay-off

Hong Kong telecommunications company PCCW returned to the international bond market this week, selling a $500m 10 year bond — and getting a vastly better response than it managed the last time it came to the market after changing the structure of the deal.

  • 06 Mar 2013
Australia and New Zealand Bank, DBS, HSBC, Morgan Stanley and Standard Chartered were the bookrunners of the latest deal, and approached investors with price guidance of around 220bp. But after getting strong demand they were able to cut that to 200bp-205bp, before pricing the deal at the tight ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 164,620.37 717 7.21%
2 Bank of America Merrill Lynch 146,885.90 668 6.44%
3 Citi 129,315.76 689 5.67%
4 Goldman Sachs 105,151.77 446 4.61%
5 Barclays 98,824.80 446 4.33%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 28,647.62 134 8.82%
2 Barclays 23,676.33 96 7.29%
3 Deutsche Bank 21,735.71 91 6.69%
4 SG Corporate & Investment Banking 19,387.37 101 5.97%
5 HSBC 18,800.79 89 5.79%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 6,956.59 58 7.32%
2 Goldman Sachs 6,746.86 54 7.10%
3 Deutsche Bank 5,912.17 58 6.22%
4 Credit Suisse 5,767.09 60 6.07%
5 BNP Paribas 5,208.30 57 5.48%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 33,802.85 265 10.77%
2 Citi 26,963.27 215 8.59%
3 Bank of America Merrill Lynch 25,379.69 225 8.09%
4 Goldman Sachs 23,537.99 167 7.50%
5 Barclays 20,408.08 140 6.50%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 26,467.48 131 6.33%
2 Deutsche Bank 26,020.82 93 6.23%
3 Barclays 25,948.28 119 6.21%
4 HSBC 25,650.40 123 6.14%
5 Citi 22,829.99 98 5.46%