Hong Kong and China Gas plans first perp

Hong Kong and China Gas has picked banks for what looks set to be the Asian market’s first dollar perpetual of the year. Debt bankers are hoping to avoid a repeat of last year, when a disorderly procession of dollar perps ended with poor performances and deals being pulled. But the structure is a natural fit for China Gas, making it the right kind of credit to start supply, said a syndicate official on the deal.