Hutch strikes again with opportunistic $1 billion tap

Hutch re-opens its 2017s and 2022s with a well-received $1 billion tap, taking money off the table while markets are hot.

Li Kashing’s Hutchison Whampoa struck with an opportunistic $1 billion tap early on Wednesday morning, re-opening its $500 million bonds due 2017 and $1 billion bonds due 2022, which priced mid-January.

Hutch tapped the market for another $500 million for each tranche, bringing the total deal size up to $2.5 billion. It is not clear why it has decided to raise such a big sum so early in the year, but Hutch has a reputation...

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