Li Ka-shing's CKI upsizes perpetual bond

Infrastructure group takes advantage of low rates to lock in long-term funding.

Hong Kong billionaire Li Ka-shing’s Cheung Kong Infrastructure CKI raised $1.2 billion from the sale of an upsized perpetual bond on Monday, taking advantage of investors' ongoing search for yield at a time when Treasuries remain stuck near 50-year lows. 

The fact that fixed-income analysts described the deal structure as issuer friendly appears to have had little impact on the scores of private banking investors who like perpetual bonds by strong investment grade names. As a result, the order book closed at the $2.6 billion level, prompting the issuer to raise the deal size from $1 billion to $1.2 billion. 

Proceeds are being...

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