CKI takes hybrid route to improve finances

Cheung Kong Infrastructure finds strong retail support for its $1 billion issue of perpetual securities.

Cheung Kong Infrastructure Holdings CKI made a successful move to reduce its gearing level earlier this week with the sale of $1 billion worth of perpetual hybrid securities. The capital-raising attracted strong demand from retail accounts, impressed by the familiarity of the name and by the unique nature of the securities.

CKI raised the cash through a special purpose vehicle SPV called PHBS Limited, which it fully guarantees. J.P. Morgan, which has a successful track record advising companies that...

To continue reading, please login or register for free

Print Edition

FinanceAsia Print Edition

CONFERENCES