Only a week after Hutchison Whampoa launched a tender for up to $1.5 billion worth of bonds from four outstanding issues, the Hong Kong conglomerate has announced a second offer for two separate bonds. Again the company says it is willing to buy back up to $1.5 billion worth of guaranteed bonds, which underscores how much value it attaches to being able to reduce its interest costs in the current environment. The fact that it is offering to pay above par is further evidence that it wants investors to accept the deal.
The latest tender is for two short-dated bonds, maturing in 2010 and 2011, respectively. Each of the two issues had an initial principal...
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