Hutch does it again

Swelled by the success of its previous Vodafone exchangeable last September, Hutchison Whampoa has kicked off the year with a near perfect copy of last year's deal. A three-year, $2.5 billion exchangeable with a $500 million greenshoe is being sold to global investors. The conversion price is set at 310 pence, which equates to a 38% premium to last Friday's close. (Coincidentally, the previous deal was also launched on a Monday.)