CKI perpetual

CKI flies under radar with $300 million privately placed perpetual

Cheung Kong Infrastructure sells a $300 million hybrid, with the asset management arms of Goldman and J.P. Morgan assumed to be big buyers.
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Cheung Kong's Hong Kong headquarters, next to Bank of China
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<div style="text-align: left;"> Cheung Kong's Hong Kong headquarters, next to Bank of China </div>

Cheung Kong Infrastructure CKI quietly priced a $300 million perpetual bond on Thursday evening, after a delay of close to a week as the company had earlier faced technical issues surrounding its hybrid listing on the Luxembourg Stock Exchange.

The bonds were priced at par and offered a 7% yield the same terms it had marketed the deal at the previous Friday. However, CKI chose to issue the shares through a private placement this time, and at a 6.5% discount to last Thursday’s close of HK$43.55 $5.60 per share. The company is said to have offered a share discount instead of a private banking rebate, which was offered to...

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