Still waiting for PCCW refinancing

Rumours surrounding the status of the $4.7 billion refinancing of PCCW's bridging loan have dominated Hong Kong's capital markets on Monday. The company has missed a self-imposed deadline of last Friday to secure the new round of financing and investors are starting to worry that the refinancing might be more expensive than first thought. PCCW shares traded down HK$0.35 - or almost 6% - to close at HK$5.90 on Monday.