PCCW’s bond sale grows to USD500m

Hong Kong-based telecoms group PCCW has sold USD500 million of bonds after raising the size of the issue from USD300 million, reports Reuters. The deal attracted roughly more than USD6 billion in orders for bonds due in five and a half years at a coupon rate of 4.25%. Investors from Asia took 74% of the total debt sold, with Europeans accounting for the remainder; fund managers bought 57% of the total bond value, private banks 22%, other banks 10% and insurers and other investors 11%.