PCCW-HKT re-finances debt

PCCW-HKT zoomed in and out of the international bond markets yesterday (July 14) with a $500 million 10-year issue led by HSBC. In doing so, the Baa2/BBB/BBB+ rated credit followed a very similar strategy to 2003 when it also raised $500 million via an accelerated bookbuild under the auspices of the same lead manager.