PCCW-HKT goes one-to-one?

The telecoms group has made an opportunistic trade in long-dated Yen with an issue said to have been placed with one investor.

Lead manager Merrill Lynch has won many plaudits for spotting an opportunity and getting a deal away for a group, whose previous and unsuccessful effort in dollars this July was dogged with controversy from start to finish.

A Y30 billion 30-year euro-yen issue with a five year call option has been priced at par with a coupon of 3.65%. Completed as a private placement, the sole investor is believed to be Aflac Inc according to Tokyo-based bankers.

The Colombus Ohio-based supplemental healthcare insurer has always traditionally been a large buyer of long-dated Yen-denominated paper to match its portfolio requirements. With a Japanese policyholder base of $6.4 billion, the group ranks as the country's largest foreign...

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