Hong Kong-based telecoms operator PCCW sold US$500m in bonds, a source told TelecomFinance.
The issue size was raised from US$300m after investors placed more than US$6bn in orders, said the source.
The five-and-a-half year bond, which carries a coupon…
Hong Kong-based telecoms operator PCCW sold US$500m in bonds, a source told TelecomFinance.
The issue size was raised from US$300m after investors placed more than US$6bn in orders, said the source.
The five-and-a-half year bond, which carries a coupon of 4.25%, was priced at 99.607 cents to yield 4.331%.
PCCW hired HSBC Holdings, Morgan Stanley, Royal Bank of Scotland Group (RBS) and Standard Chartered Bank to manage the bond sale.
Among the investors of the deal, 74% were from Asia while Europe bought the remaining 26%. Fund managers acquired 57% of the issue, private banks 22%, banks 10%, and insurance companies and other investors took the remaining 11%, according to the source
The sale is PCCW’s first since 2005, when it sold US$500m of 5.25 percent notes due in 2015, according to data compiled by Bloomberg.
