In July, PCCW-HKT's shambolic efforts to access the US dollar market for $3.8 billion were characterised by lengthy roadshows, deteriorating market conditions, overblown expectations and four bookrunners all pulling in different directions. Few would have, therefore, expected the clarity and focus which it bought to bear yesterday, as investor presentations and most of the original syndicate group were dispensed with, leaving just one bank - JPMorgan - to maintain tight control of proceedings.
Bankers believe the BBBBaa2-rated group's chief success has been to secure a lower cost of borrowing than it would have been able to in July, even though it has done so at the cost of paying a wider...
