PCCW-HKT decides to let it be

Disastrous efforts to raise up to $3.8 billion from the international debt markets finally came to a standstill on Friday afternoon Asian time.

In taking the decision to pull what had ended up as a truncated $1.5 billion 10-year bond offering,Pacific Century CyberWorks-Cable Wireless HKT PCCW-HTK managed to salvage a tiny piece of dignity from a colourful new chapter in its short, but sorry history.

At a launch spread of what had widened out to 325bp over Treasuries, PCCW-HKT abandoned a deal that had become uneconomic in terms of the priceĀ it was prepared to pay in order...

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