Hong Kong telecom company PCCW surprised markets on Thursday by pricing a $500 million five-and-a-half-year Reg-S bond. There had been no warning that PCCW would print, but on the back of strong half-year results and amid relative quiet markets, the issuer saw the opportunity to execute a swift intra-day trade.
“Yields hit a number they were happy with, the results stirred a strong reaction and the market was in good shape,” said one source. “The combination of these factors made them go ahead with this opportunistic trade.”
The new PCCW 2016s were issued with a 4.25% fixed-rate coupon and were reoffered at 99.607 to yield 4.331%. At the time of pricing, this was...
¬ Haymarket Media Limited. All rights reserved.
