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 book. The deal ended up closing at the $500 million level, prompting an increase from the base deal size of $110 million.

Some 79 investors are said to have participated, of...

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