Hutch does it again

In a near perfect copy of its award winning deal of 2000, Hutchison Whampoa launches another $2.5 billion bond exchangeable into its holdings of Vodafone.

Swelled by the success of its previous Vodafone exchangeable last September, Hutchison Whampoa has kicked off the year with a near perfect copy of last year's deal. A three-year, $2.5 billion exchangeable with a $500 million greenshoe is being sold to global investors. The conversion price is set at 310 pence, which equates to a 38% premium to last Friday's close. Coincidentally, the previous deal was also launched on a Monday.

The final exchange premium will not be known...

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