PCCW falls after investors fret over structure

Hong Kong’s PCCW managed to close a $300m bond last week, but only after facing investors’ doubts over a structure that leaves them subordinated to those holding bonds issued — or guaranteed — by the main telecommunications subsidiary. The bonds fell in the secondary market at the end of last week.

  • 16 Apr 2012

PCCW priced $300m of 10 year bonds last Thursday at 387.5bp over Treasuries, in line with final guidance, a good result for the company but too punchy for some investors, said bankers and analysts. The April 2022 bonds widened to 402bp on Friday afternoon, said debt traders.

The bond ...

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