Hutch's second coming

The diversified conglomerate has successfully re-positioned itself in the international debt markets for the first time since 1997.
The A3A rated credit has repeated its trick of blazing a trail for itself with a mammoth offering that creates one of the most liquid benchmarks in the Asian credit markets. The group's $1.5 billion 10-year transaction marks the largest single tranche issue from a corporate in the region and also now ranks equal second with the Federation of Malaysia as the region's single largest behind the Republic of Korea's $3 billion line due 2008.

Ever keen that any of its deals be viewed as an unequivocal success, Hutchison also made a strategic decision to abandon plans for a 30-year tranche after investors failed to deliver...

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