Hutch issues first euro perpetual from Asian borrower

Li Ka-shing-controlled Hutchison Whampoa wades into the euro market with the first euro-denominated hybrid from an Asian borrower.
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Hutch HQ in Hong Kong
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<div style="text-align: left;"> Hutch HQ in Hong Kong </div>

Hutchison Whampoa became the first Asian borrower to issue a euro-denominated perpetual when it closed a 1.75 billion $2.3 billion perpetual on Tuesday night. The perpetual offered a coupon of 3.75% which was the lowest coupon for a perpetual from an Asian borrower.

According to a source, more Asian borrowers could turn to the euro to issue hybrids, though Hutchison was helped by the fact that it already has euro-denominated senior bonds and is a name that European investors are familiar with.

This is the third hybrid issued by the conglomerate, which is controlled by Li Ka-shing, so it is clearly a part of the company’s funding...

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