Unsatisfied demand for the group's first $750 million offering and one large reverse enquiry order led PCCW-HKT to re-open its 7.75% November 2011 transaction yesterday Monday.
Launched and closed within one day under the sole lead of JPMorgan, the BBBBaa1-rated company raised a further $250 million in 10-year debt at an issue price of 98.583% to yield 7.958% or 315bp over Treasuries. This represented a 5bp premium to the bid level of the existing bond at the time of pricing and a 15bp premium to secondary levels at the deal's announcement earlier in the day.
The group is said to have decided to re-open the deal on Friday on the...
