US dollar bonds of PCCW rumored to secure only US$1 to 1.5 bln subscription

US dollar bonds of Hong Kong Telephone Company, the subsidiary of Pacific Century Cyber Works (0008), was rumored to receive cold respond in the market with only US$1bln to US$1.5bln subscription, far less than US$2.5bln. The issuer is likely to reduce the amount of to-be-issued bonds to avoid sharp dive of price in second-hand market after bonds are issued.

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