Issuer: PHBS Limited
Date of issue: September 21, 2010
Size of deal: $1 billion
Maturity: Perp NC5
Cheung Kong Infrastructure Holdings, part of the Cheung Kong Group conglomerate controlled by Hong Kong billionaire Li Ka-shing, reopened the Asian corporate market for perpetual capital securities in September after a 13-year gap. The market had remained dormant since conglomerate Swire Pacific’s $300 million 8.84% bond in 1997.
CKI’s $1 billion