PCCW refinances again

Like moths to a flame, bankers are dazzled by another cost cutting exercise

A 15-strong bank group responded to PCCW-HKT's request for a Hong Kong dollar fundraising. A further five banks confirmed their participation this week to join the 10 who had already committed.

The bank group comprises ABN AMRO Bank, BNP Paribas, Commerzbank, JPMorgan, DBS Bank, Hang Seng Bank, Bayerische Landesbank, ANZ, Bank of China, Bank of Communications, Bank of East Asia, Bank of Nova Scotia, Credit Agricole Indosuez, UFJ Bank and Mizuho Corporate Bank Asia. Each house provided a HK$400m ticket, pushing the amount up to HK$6 billion $780 million from the originally requested HK$4 billion $520 million.

Market observers were surprised at the...

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