Pacific Century CyberWorks says it will not rule out a return to the debt markets for further funds, although there no are immediate plans to do so. At the company's annual employee sports day in Shamshuipo, CyberWorks deputy chairman Francis Yuen Tin-fan said rumours that it would tap the bond market for the second time in less than a month were untrue. 'Those are mere rumours,' Mr Yuen said, although the company acknowledged in a statement last night that it had been 'approached by a number of financial institutions about the positive tone of the euro-denominated debt market'. Mr Yuen said the company had no plans to issue any more euro-denominated debt until 'at least the end of the year'. It has been only two weeks since CyberWorks completed a US$1 billion euro-denominated bond issue that was arranged by United States investment bank JP Morgan Chase. But rumours that the company planned to try the markets once again began to surface in the Chinese-language media last week. The reports suggested that generally favourable conditions in the capital markets and a positive reaction to its last debt issue would lead CyberWorks to break a covenant with JP Morgan prohibiting it from issuing more bonds within a three month period. Mr Yuen said the company had no such formal obligations to the bank. 'Often times, the market will expect companies not to re-enter the bond market with an issue of the same currency within a three month period but this does not apply to bond issues in general,' he said. 'We won't rule out the possibility of raising more money through a bond issue. That's just part of the continuous process of financial management for any company.' He said the company had enough cash in the bank to repay, by the end of this year, the balance of its three-year US$1.5 billion bonds expiring next year.