PCCW-HKT returned to the international capital markets for the second time in a week yesterday Wednesday with a 715 million share block trade. The offering was led by Citigroup, which also handled the disposal of a 14% stake by Cable Wireless just over a month ago.
The placement was priced at HK$4.40 representing a 9.27% discount to the stock's HK$4.85 close. This was towards the bottom end of a HK$4.37 to HK$4.56 indicative range and reflected a book, which closed with a fair degree of price sensitivity. At the placement price, it was 1.3 times covered, with participation from 85 accounts.
Because the deal is a...
