Li Ka-shing’s Hutchison Whampoa paid a surprise visit to the euro market on Wednesday, closing a 2 billion $2.5 billion dual-tranche bond that allowed the company to diversify its investor base and price inside its dollar curve.
Hutchison is a savvy borrower and the arranging banks Barclays, Deutsche Bank and J.P. Morgan were said to be in dialogue with the company for some time about tapping the euro market. The banks had been working on documentation for about a week, but there was always a chance that Hutch, a sophisticated borrower, would consider another currency, such as dollars.
“It was a quick process,” said one source....
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