PCCW Said to Hire Banks for Benchmark-Size U.S. Dollar Bond
PCCW is marketing the notes to yield in the high 300 basis- point area more than similar-maturity Treasuries, the person said, asking not to be identified because the details are private. Morgan Stanley and Royal Bank of Scotland Group Plc were hired to manage the benchmark-sized sale, the person said.
CK Chan, a spokesman at PCCW in Hong Kong, declined to immediately comment on the sale when contacted by phone today.
PCCW last sold bonds in August 2010, according to data compiled by Bloomberg. Those $500 million of notes due February 2016 priced to yield 288 basis points more than similar-maturity Treasuries, the data show.
The 4.25 percent securities are trading at 285 basis points over Treasuries as of 12:24 p.m. in Hong Kong, DBS Group Holding Ltd. prices on Bloomberg show.
The Reg S, fixed-rate notes may be priced as soon as today, the person said. PCCW Capital No. 4 Ltd., a unit of PCCW, will issue the notes, the person said.
Benchmark typically means at least $500 million.