The Hong Kong banking community has shown once again what a flexible friend it can be to the Li Ka-shing empire with the provision of an unprecedented $12 billion to fund the leveraged acquisition of Hong Kong Telecom by Pacific Century Cyberworks PCCW. Yet far from baulking at having to stump up over double the amount of Asia's previous record breaking $5 billion loan for Japan Tobacco last year, banks were almost falling over themselves to secure lead arranger slots. Most saw a once in a lifetime opportunity to make an awful lot of money in return for what was perceived as very little risk.
For many banks, providing credit to Li...
