City Telecom makes high yield debut

Hong Kong operator extends maturity of Asian high yield market.

City Telecom priced its high yield debut yesterday January 13 raising a slightly increased $125 million from the 10 non call five deal. Under the lead management of Citigroup, the Ba3BB- rated deal was priced at par with a coupon of 8.75% to yield 452bp over Treasuries. Fees were 1.75%.

Pricing was in line with guidance released earlier this week when the deal was accelerated to take advantage of momentum building in the order...

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