Towngas prices landmark hybrid

The Hong Kong and China Gas Company, known as Towngas, raised a $300 million perpetual non-call five hybrid note on Tuesday its first ever perp   attracting high-quality investors and potentially opening up the market for more to come in the future.

The rarity and relatively small size of the transaction meant there was not enough paper to go around, according to sources. This, combined with an expected high-quality rating of A3 and A- from Moody’s and Standard Poor’s, had investors clamouring for the notes.

“The transaction was only $300 million, and it’s one of the highest grade perpetuals in Asia,” said a source close to the...