Hybrids thrive

Perps in vogue as China Resources and ICTSI print deals

Asia's corporate hybrid market is well and truly open. ICTSI closes the first dollar hybrid out of the Philippines, while China Resources Power prices a $750 million perpetual.
<div style="text-align: left;">ICTSI's Manila International Container Terminal</div>
<div style="text-align: left;">ICTSI's Manila International Container Terminal</div>

Asia’s corporate hybrid market is buzzing again after investors’ dismal experience with the instruments last year. State-owned China Resources Power and Philippine port operator International Container Terminal Services ICTSI both closed deals last night, raising close to $1 billion in total.

Their growing popularity is thanks to investor-friendly structures and the desire by issuers to lock in rates. “All the perps are coming with resetsstep ups, which investors are more receptive to, having seen how the Hutch perps have outperformed CKI and Noble,” said Jacob Samuel, an analyst at Nomura. “Meanwhile, we are still in a historically low interest-rate environment, so for a company, now is a good time...

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