The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Hutch did it again

Issuer: Hutchison Whampoa Ltd Amount: $2.5 billion Type of issue: exchangeable bond Date of issue: January 8, 2000 Bookrunners: Goldman Sachs, Merrill Lynch


For those who took the assurance by Vodafone's chief executive Chris Gent, made last November, that Hutchison is a "happy shareholder" of Vodafone at face value, Hutchison's second convertible must have been a shock. On January 8 Hutchison Whampoa, the Hong Kong-based telecom, property and port company, issued a $2.5 billion three-year bond exchangeable into 536 million Vodafone shares - equivalent to 0.8% of all outstanding shares. The deal, managed by Merrill Lynch and Goldman Sachs, comes only three months after a similar $3 billion landmark issue in September, and one months after Gent met Hutchison chairman Li Ka-shing. This meeting resulted in Gent's statement that "Li is not a seller at anything like today's prices" - which were then well above the £2.20 at which the exchangeable was issued.

In Hong Kong, analysts don't recall Li Ka-shing saying that he would hold on to Vodafone indefinitely. Instead, they recall, he had said it was a good stake until something else came up, which is why the exchangeable left analysts there speculating about a secret investment alternative.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree