Perp rush continues with Cheung Kong, BEA bonds

The Hong Kong duo enjoy a constructive reception from the market, making the most of investors’ desperation for yield.

Asian bond issuers are taking advantage of a search for yield among investors, selling a plethora of subordinated and perpetual bonds deals that can sometimes be a tough pitch in more challenging markets.

Cheung Kong Property and Bank of East Asia became the latest issuers to make the most of the receptive environment on Thursday, raising $2 billion between them. The deals followed perpetual bonds from CK Hutchison a sister company of Cheung Kong Property and Woori Bank earlier in the week, as well as a 30-year bond from Indonesian electricity company PLN.

Cheung Kong Property’s deal was particularly striking, bringing the largest ever fixed-for-life...

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