Hutch tap

Hutch strikes again with opportunistic $1 billion tap

Hutch re-opens its 2017s and 2022s with a well-received $1 billion tap, taking money off the table while markets are hot.

Li Kashing’s Hutchison Whampoa struck with an opportunistic $1 billion tap early on Wednesday morning, re-opening its $500 million bonds due 2017 and $1 billion bonds due 2022, which priced mid-January.

Hutch tapped the market for another $500 million for each tranche, bringing the total deal size up to $2.5 billion. It is not clear why it has decided to raise such a big sum so early in the year, but Hutch has a reputation for opportunistic funding so it may have decided simply to take money off the table while the markets are still open. It said that the proceeds will be used to refinance existing debt and for...

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