PCCW - four letter word for bond investors?

The Hong Kong telco unsettles bond investors with plans to raise funds in euros and sterling.

The Baa1BBB rated credit appeared to be backtracking rapidly last night Thursday after existing holders of its debt reacted badly to news of plans to raise new funds. Investors said that Barclays and Salomon Smith Barney had already begun to pre-market an Eu300 million to Eu500 million 10 year deal and an unspecified second tranche of sterling bonds before the company announced that it had no definite plan to firm up any financing at this point in time.

At issue is the fact that the company had categorically told investors in its two recent dollar trades that it had no more plans to raise fresh funding from the bond market ahead of the...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222