Cheung Kong hybrid

CKI further innovates with unique hybrid structure

Cheung Kong Infrastructure’s new corporate hybrid uses equity upside to increase the probability of a call.
Li Ka-shing, chairman of Cheung Kong
Li Ka-shing, chairman of Cheung Kong

Cheung Kong Infrastructure CKI, one of Li Ka-shing’s flagship companies, is no stranger to innovation. In 2010, it re-opened the Asian hybrid market after a hiatus of more than a decade with a $1 billion corporate hybrid, and it has now returned with another novel hybrid.

The deal will be marketed to Asian and European investors starting from today and is expected to raise up to $500 million. The structure is designed to meet the needs of both the company and its investors. In CKI’s case, it is said to be keen to raise its free float in the market and also has concerns about debt levels after...

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