Cable & Wireless seeks to rid itself of PCCW

In its short history, PCCW has been responsible for a lengthy list of aggressively priced transactions that perform badly in the secondary market. Will the Cable & Wireless exchangeable prove the exception to the rule?
For most commentators, the answer has been a resounding no. In the eyes of many, a 14% slide in PCCW's ADR price during New York's morning on Monday, taken alongside a grey market price for the exchangeable that has already fallen below par prior to completion, is evidence enough of how the stock and bond will fare when trading re-opens in Asia today Tuesday.

All are agreed, however, that Cable Wireless had little other option in disposing of its 14.7% stake in the telecoms and internet company.  On the sell side, getting rid of PCCW at this time and at these levels says...

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