Cheung Kong closes hybrid as leads divide deal

Cheung Kong Infrastructure issued a $300m hybrid bond at the end of last week, closing the deal a week after it was delayed by a listing hiccup with the Luxembourg Stock Exchange. The two bookrunners — Goldman Sachs and JPMorgan — took half of the transaction each, but then moved to sell the deal to institutional investors after it had closed.

  • 19 Feb 2012
The company had attempted to close the perpetual bond the previous Friday (February 10), but told investors it was delaying the deal after the Luxembourg Stock Exchange asked for more information about the structure before it would approve a listing. The leads got approval last week, and quickly ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 18,399.24 77 6.83%
2 Barclays 15,237.36 56 5.66%
3 Deutsche Bank 14,376.66 58 5.34%
4 JPMorgan 14,229.59 64 5.28%
5 Goldman Sachs 12,468.02 53 4.63%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 3,941.54 11 7.06%
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4 Citi 3,792.90 15 6.79%
5 Credit Agricole CIB 3,609.60 16 6.46%

Bookrunners of European HY Bonds

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1 Citi 646.47 4 14.03%
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3 Intesa Sanpaolo SpA 362.37 2 7.87%
5 BNP Paribas 336.21 2 7.30%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 3,552.57 23 10.91%
2 JPMorgan 2,878.04 21 8.84%
3 Morgan Stanley 2,505.68 17 7.69%
4 Credit Suisse 2,364.95 15 7.26%
5 Goldman Sachs 2,331.78 17 7.16%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 4,861.67 14 6.98%
2 Deutsche Bank 4,227.09 12 6.07%
3 Citi 4,092.60 11 5.88%
4 SG Corporate & Investment Banking 3,630.52 14 5.21%
5 Credit Agricole CIB 3,490.70 15 5.01%