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Real money shows for CLP Power hybrid perp
CLP Power attracted a strong following from institutional investors for a hybrid perpetual non-call 5.5 year bond that was priced on April 29. The trade was intended to strengthen the issuer’s balance sheet following the announcement of big acquisitions at the end of last year.
The notes will be treated as 50% equity by Moody’s and Standard & Poor’s until the call. They will be accounted for as equity under Hong Kong Financial Reporting Standards.
Bookrunners Barclays, HSBC, Royal Bank of Scotland and UBS launched the Reg S transaction on Tuesday morning with ...Already a subscriber? Login
