Fund managers give C&W exchangeable the thumbs down

Equity-linked investors report little appetite for the $1.5 billion transaction, which has continued to cause heavy selling pressure on the underlying stock.

Jackie Horne

April 03, 2001

Lead manager UBS Warburg's protestations that a full order book has been secured for the Cable & Wireless exchangeable into PCCW have been met with considerable scepticism by the rest of the market, which believes that up to two-thirds of the deal may remain unplaced.

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