Towngas prices landmark hybrid

The Hong Kong-based energy supplier sold the highest-rated perpetual in Asia for two years, which was six times oversubscribed.

Towngas prices landmark hybrid

The Hong Kong and China Gas Company, known as Towngas, raised a $300 million perpetual non-call five hybrid note on Tuesday its first ever perp   attracting high-quality investors and potentially opening up the market for more to come in the future.

The rarity and relatively small size of the transaction meant there was not enough paper to go around, according to sources. This, combined with an expected high-quality rating of A3 and A- from...

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