Asia cross-border (investment grade) deal of the year – Cheung Kong Infrastructure Holdings

- Credit staff
- 06 Dec 2010

Issuer: PHBS Limited
Date of issue: September 21, 2010
Size of deal: $1 billion
Structure: Subordinated
Maturity: Perp NC5
Ratings: Unrated
Coupon: 6.625%

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

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