Via an accelerated exchange, Swire Pacific (19 HK) is soliciting tenders from its 2027 exchangeable bond holders and, in parallel, placing Cathay (293 HK) shares to fund the bond repurchase.
Preceding my comments on Swire, are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
StubWorld: Swire Accelerates Cathay Exchange. "As" At Multi-Decade Premium To "Bs"
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