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PCI nears bond pricing

Pacific Century Insurance Holdings (PCI) plans to price its US$100 million, 10-year bond offer at 157 to 162 basis points above the equivalent US Treasury note, according to market sources.

The guidance on the first international debt issue by the Hong Kong insurer suggested it would be priced at a yield that was flat to slightly tighter than a comparable issue by local insurer China Insurance International Holdings, fund managers said.

The coupon is expected to be fixed at about 5.7 to 5.8 per cent.

Lehman Brothers is the sole arranger of the issue. It is rated BBB-plus by Fitch and Baa2 by Moody's.

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